India’s second largest state-owned lender, Bank of Baroda aims to roll out new version of the BoB World mobile application this fiscal, Debadatta Chand, managing director and chief executive officer of the lender told Moneycontrol during in an interview.
“We are coming with a BoB World version 2 to give a different experience to customer, and there will be new many additional features,” Chand said.
The new version of the application is being worked upon by bank’s in-house team, and will have new features with a digital architecture, to take care of both internet and mobile banking.
Currently, there are 3.27 crore users on the BoB World mobile application as on March 31, 2025, which has risen from 3.06 crore in FY24.
The bank has added 36 new features into BoB World during the financial year 2024-25.
BoB World application was in focus when the Reserve Bank of India (RBI) issued an order in 2023 instructing the lender to halt the onboarding of new customers through its digital banking.
The banking regulator said any further onboarding of customers on the app will be subject to rectification of the deficiencies that it has observed, and after strengthening of the related processes by the bank to the satisfaction of RBI. The central bank also said that the existing customers should not face any disruption. Read More
Following the RBI direction, the Bank of Baroda released a clarification stating that it has already carried out corrective measures to address the concerns highlighted by the RBI and is taking further steps to plug any remaining gaps.
The central bank, in May last year lifted the ban on the bank’s mobile application.
"The bank will now resume onboarding new customers in the Bob World application. "The bank remains committed to ensure adherence and compliance of regulatory guidelines," Bank of Baroda said.
On the tech spent front, Chand said that the bank target 10 percent both on revenue and capital expenditure of the operating profit. Going ahead, the bank will increase tech spend beyond 10 percent.
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