A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi, India, June 20, 2023.
REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Shares of Bank of Baroda (BOB.NS) fell nearly 4% on Wednesday, a day after the Reserve Bank of India stopped the state-run lender from adding customers to its mobile app citing "certain material supervisory concerns."
Bank of Baroda will be allowed to onboard customers to its bob World app only after rectifying certain deficiencies, the RBI said on Tuesday, without giving any details about the issues.
Bob World app has 8.1 million daily transactions, while 43% of time deposits are obtained through the app, the bank had said in its quarterly presentation in August.
Shares of Bank of Baroda have underperformed the PSU bank index for the year so far, rising 12% compared to nearly 20% in the index.
Persons:
Anushree, Suresh Ganapathy, Macquarie, Bob, Varun
Organizations:
Bank of Baroda, REUTERS, Rights, Reserve Bank of India, Macquarie, Sethuraman NR, Thomson
Locations:
New Delhi, India, BOB.NS, Bengaluru