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The Reserve Bank of India (RBI) has instructed Bank of Baroda to halt new customer onboarding on its ‘bob World’ mobile application, citing issues with the app’s mobile banking onboarding processes. Despite this, the bank’s board is considering raising funds through long-term bonds for infrastructure and affordable housing projects.
In other market news, IDFC First Bank (NASDAQ:FRBA) sold its office space located in Naman Chambers at Bandra Kurla Complex to the National Securities Depository (NSDL) IDFC for Rs 200 crore ($27 million). This comes as Samvardhana Motherson International established Motherson Group Investments USA Inc as an indirect subsidiary in Delaware, USA.
Meanwhile, Wipro (NYSE:WIT) allotted Rs 146,761 ($1,985) in Restricted Stock Units under the company’s ADS Restricted Stock Unit Plan 2004 to certain employees. This follows Wipro’s acquisition of a stake in solar power company FPEL Ujwal earlier this week.
Finally, Birla Corporation was penalized Rs 8,42,86,858 ($11.4 million) by the Office of Collector (Mining), Satna, Madhya Pradesh for overproduction of limestone from captive mining without clearance as per EIA Notification 1994. In contrast, Multi Commodity Exchange (MCX) announced a mock session ahead of the launch of its new commodity derivatives platform on October 16.
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