Bank News: RBI Bans Bank Of Baroda to Add Customers on Its Mobile App

14 Oct, 2023 Author: Ayushee Joshi

Share Market News: The Reserve Bank of India (RBI) has taken big action on India’s second largest lender Bank of Baroda (BoB), restricting it from onboarding new customers on the bank’s mobile app ‘BoB World’ with immediate effect. This move is based on certain substantive concerns expressed by the central bank concerning the way users engage with the mobile app. The bank has been instructed to guarantee that clients who are already using the ‘Bob World’ app do not have any difficulties as a result of the ban.

Decline in Shares

Due to the action by the central bank, shares of the public sector bank fell 1.95 percent on Friday. The share price closed at 203.70 on October 13, 2023. Shares of Bank of Baroda fell 3.10 percent in late morning trade to Rs 207.55 per share and further fell to Rs 207.20 per share, down 3.27 percent overall for the day on the BSE. On the NSE, the stock fell 2.96 percent to Rs 207.95 per piece before falling 3.22 percent to settle at Rs 207.40 per scrip. During the day, 12.69 lakh equity shares were traded on the BSE, while 4.30 crore shares were traded on the NSE.