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Simultaneously, BoB is dealing with restrictions imposed by the Reserve Bank of India (RBI). Under Section 35A of the Banking Regulation Act, 1949, RBI has temporarily barred the bank from adding new customers to its ‘bob World’ mobile app due to material supervisory concerns. The central bank demands correction of observed deficiencies and enhancement of related processes before any new customer additions can take place.
Despite these restrictions, BoB has been directed to ensure that its existing ‘bob World’ customers experience no disruption in service.
In related news, HSBC downgraded BoB’s stock to “hold” with a target price of INR 220. This rating change comes amid the bank’s ambitious fundraising plans and the ongoing regulatory issues with the RBI.
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