• ABOUT
  • PRIVACY
  • CONTACT
  • ADVERTISE
No Result
View All Result
KeralaNews 24x7
Saturday, June 7, 2025
  • HOME
  • NEWS
  • ENTERTAINMENT
  • CRYPTO
  • SPORTS
    • OLYMPIC
    • CRICKET
    • FOOTBALL
    • KABADDI
    • BASKETBALL
    • TENNIS
    • WWE
  • TECHNOLOGY
  • HEALTH
  • EVENTS
  • DEALS
    • SPECIAL DEALS
  • BLOG
    • BUSINESS
    • FINANCE
    • DIGITAL MARKETING
    • EDUCATION
    • LIFE STYLE
    • REAL ESTATE
    • ART
    • ADULT
    • CASINO
    • FASHION
    • GAMES
    • LAW AND ORDER
    • TRAVEL
  • HOME
  • NEWS
  • ENTERTAINMENT
  • CRYPTO
  • SPORTS
    • OLYMPIC
    • CRICKET
    • FOOTBALL
    • KABADDI
    • BASKETBALL
    • TENNIS
    • WWE
  • TECHNOLOGY
  • HEALTH
  • EVENTS
  • DEALS
    • SPECIAL DEALS
  • BLOG
    • BUSINESS
    • FINANCE
    • DIGITAL MARKETING
    • EDUCATION
    • LIFE STYLE
    • REAL ESTATE
    • ART
    • ADULT
    • CASINO
    • FASHION
    • GAMES
    • LAW AND ORDER
    • TRAVEL
No Result
View All Result
News 24x7
No Result
View All Result

RBI’s ban on Bank of Baroda’s app may hamper its digital growth

RBI raises concerns over customer acquisition process

Nishita Masih by Nishita Masih
2 years ago
Reading Time: 2 mins read
0
0
0
SHARES
9
VIEWS
FBXLinkedinWhatsAppTelegram

The Reserve Bank of India (RBI) has instructed Bank of Baroda (BOB) to suspend onboarding new customers on its mobile app ‘bob World’ due to supervisory concerns. Bank of Baroda has stated that it has taken corrective measures to address the concerns and is working to rectify any remaining issues.

The RBI’s move was driven by concerns regarding the processes and the manner in which BOB has acquired a large number of customers through its digital platform. There have been media articles recently about the process lapses at BOB in order to rapidly boost the number of digital customers.

Bank of Baroda
Bank of Baroda

The RBI has advised that further onboarding of customers via the ‘bob World’ application will be subject to rectification of the deficiencies and strengthening of the underlying processes.

Ban may affect retail product segments

Analysts predict that the ban may last for at least a few quarters and could impact the bank’s growth in retail product segments, particularly in the digital space. Retail loan growth currently stands at 25 per cent year-on-year, led by strong growth across secured and unsecured products.

“We will be watchful of growth in unsecured personal loans as the current growth rate is 83 per cent year-on-year (100 per cent year-on-year growth in FY23). The RBI has already been cautioning about faster growth in these segments,” Motilal Oswal Financial Services said in a report.

The bank has 53 million app downloads and 30 million activated users as of March 2023. The ban may impact the bank’s ability to sustain healthy business growth, as about 98 per cent /91 per cent of savings account/current account acquisitions are currently done through digital channels, the report said.

Moreover, 58 per cent of fixed deposits and 42 per cent of recurring deposits are also booked via digital channels. On the lending front, 61 per cent of credit cards and 89 per cent of personal loans are sourced digitally. Even in other retail products, 67-68 per cent of home and auto loans are sourced digitally and the bank has been guiding to increase the mix of the retail, agriculture and MSME segments in total loans, the report said.

Bank of Baroda shares fall after RBI action

Bank of Baroda share price fell 4 per cent after RBI orders suspension of customer onboarding on ‘bob World’ app. Bank of Baroda is taking corrective measures to address concerns raised by RBI.

The stock closed at Rs 81.55, down 3.97 per cent on BSE. During the day, it declined 4.64 per cent to Rs 80.85. On NSE, it dipped 4.02 per cent to close at Rs 81.50.

The bank’s market valuation also fell by Rs 1,557.36 crore to Rs 37,842.64 crore on BSE.

The RBI action comes at a time when Bank of Baroda is aiming to become a digital-first bank with a focus on customer convenience and satisfaction.

ShareTweetShareSendShare
Nishita Masih

Nishita Masih

Nishita Maish is a senior content manager, blending creativity with strategic insight to craft compelling narratives that captivate audiences. With a passion for storytelling and a knack for digital engagement, she has elevated brands and content strategies to deliver lasting impact in the ever-evolving digital world.

Related Posts

punjab national bank building india

Punjab National Bank Slashes Lending Rates After RBI’s Bold Repo Cut

9 hours ago
snapdragon-8-elite-chipset-qualcomm-2025-devices

Snapdragon 8 Elite Defines 2025’s Mobile Revolution — One Form Factor at a Time

10 hours ago
resident evil requiem reveal summer game fest 2025

Capcom Unveils Resident Evil Requiem, A Bold New Chapter in the Franchise’s 30-Year Legacy

10 hours ago
Indian stock market Sensex Nifty June 2025 midday trading

Sensex and Nifty Surge Midday, Led by Finance and Auto Stocks on June 6, 2025

10 hours ago
Nintendo Switch 2 console gaming performance improvement

Nintendo’s Switch 2 Surprises Fans with Free Performance Boost for Original Games

1 day ago
Aaron Rodgers Pittsburgh Steelers 2025 signing announcement

Aaron Rodgers Joins Pittsburgh Steelers in a Move That Shakes Up the NFL Landscape

1 day ago
Western Carriers logistics truck inside industrial plant

Western Carriers Secures ₹27.73 Crore Contract from Jindal Stainless for Jaipur Plant Logistics

1 day ago
Ivanka Trump Miami vacation book Untamed Glennon Doyle Instagram

Ivanka Trump Shares Glennon Doyle’s ‘Untamed’ Amid Political Tensions

3 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SEARCH

No Result
View All Result

ADVERTISEMENTS

(adsbygoogle = window.adsbygoogle || []).push({});

POPULAR ARTICLES

Waveform

How to Draw a Waveform: Step-by-Step Guide

1 year ago
eSports

Just How Big Will eSports Be?

8 years ago
Iontophoresis Device

Iontophoresis Device, the Best Treatment for Excessive Sweating

8 years ago
NOW Entertainment soon to Start Selling American Hustle82 Apparel

NOW Entertainment soon to Start Selling American Hustle82 Apparel

8 years ago
E-cigs Products in Classrooms

Is It Right to Ban the Juul and Other E-cigs Products in Classrooms?

8 years ago
Ryan Van Wagenen

Ryan Van Wagenen Expects Continued Growth for the Silicon Slopes

7 years ago
Working Remotely: Benefits for Employers and Employees

Working Remotely: Benefits for Employers and Employees

7 years ago
Benefits of installing Solar on your house

Benefits of installing Solar on your house

7 years ago
Casino Hacked using a Smart Thermometer

Casino Hacked using a Smart Thermometer

7 years ago
Ryan Van Wagenen Expands on Bitcoin, Ripple, and Investing in Other Cryptocurrency

Ryan Van Wagenen Expands on Bitcoin, Ripple, and Investing in Other Cryptocurrency

7 years ago
Facebook Twitter Youtube

ABOUT US

The KeralaNews 24×7 website is for desi entertainment lovers across India, USA and UK. We often cover breaking News & Trending topics in India and have been referenced by numerous media outlets. Follow us on our Social media profiles for the latest updates and news.

Contents produced in this website are subjected to DigitalCopyRight Law.

© 2023 KeralaNews 24×7 – Website Designed by VISION

WEBSITE STATS

  • Google News Approved
  • 1,00,000 Traffic/Month
  • Domain Authority – 25
  • 70% Traffic from Google

ADVERTISE WITH US

If you are looking to advertise your business or website, feel free to contact us at ceo.keralanews247@gmail.com

We accept following form of advertisements,

  • Banner Ads
  • Contextual Links
  • Guest Posts
  • Sponsored Posts

SEARCH

No Result
View All Result

MORE INFO

  • ABOUT
  • PRIVACY
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • NEWS
  • ENTERTAINMENT
  • CRYPTO
  • SPORTS
    • OLYMPIC
    • CRICKET
    • FOOTBALL
    • KABADDI
    • BASKETBALL
    • TENNIS
    • WWE
  • TECHNOLOGY
  • HEALTH
  • EVENTS
  • DEALS
    • SPECIAL DEALS
  • BLOG
    • BUSINESS
    • FINANCE
    • DIGITAL MARKETING
    • EDUCATION
    • LIFE STYLE
    • REAL ESTATE
    • ART
    • ADULT
    • CASINO
    • FASHION
    • GAMES
    • LAW AND ORDER
    • TRAVEL

© 2023 KeralaNews 24x7 - Website Designed by VISION

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.