RBI Directs Bank of Baroda to Temporarily Suspend New Customer Onboarding on Mobile App

The Reserve Bank of India (RBI) has recently issued a directive to Bank of Baroda, one of the leading banks in the country, to temporarily suspend new customer onboarding on its mobile app. This decision comes as a precautionary measure to ensure the safety and security of customer data and transactions.

The RBI’s move follows a series of cyber attacks on various banks and financial institutions in recent months. These attacks have raised concerns about the vulnerability of online banking platforms and the need for enhanced security measures.

By suspending new customer onboarding on its mobile app, Bank of Baroda aims to thoroughly review and strengthen its existing security infrastructure. The bank is committed to providing a secure and seamless banking experience to its customers and believes that this temporary suspension will enable them to achieve that goal.

Existing customers of Bank of Baroda can continue to use the mobile app for their banking needs without any interruption. The temporary suspension only applies to the onboarding process for new customers.

The RBI’s directive to Bank of Baroda serves as a reminder to all banks and financial institutions to prioritize the security of customer data and transactions. It highlights the importance of regularly assessing and enhancing security measures to stay ahead of potential cyber threats.