The Reserve Bank of India (RBI) has directed Bank of Baroda to stop onboarding new customers on its ‘bob World’ mobile app with immediate effect.

Citing material supervisory concerns, the RBI has also ordered the country’s second largest state-owned lender to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of the suspension.

“This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application,” the RBI said in an official statement.

 The central bank also said that any further onboarding of customers of the bank on the ‘bob world’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI.