Shares of Bank of Baroda were trading in the green and 3% higher on 9 May after the company received approval from the Reserve Bank of India (RBI) for onboarding new customers through its mobile application ‘BoB World’.

This approval comes after six long months, following RBI’s supervisory concerns observed during an inspection of the bank’s processes.

In its regulatory filing, the bank said that the RBI has lifted restrictions on ‘BoB World’, effective immediately, enabling the lender to onboard new customers on its mobile banking application. 

Earlier last year, the bank regulator had directed the company to not add any new customer to its application, following the complaints that some bank employees were using stranger’s mobile numbers to onboard customers for mobile banking and meet enrollment targets. 

RBI has highlighted material supervisory concerts in the onboarding process and said that any future onboarding will be subject to rectification of deficiencies.

The ‘BoB World’ application is a primary section for a large section of customers, facilitating account openings through video KYC.

1:56 pm, the shares of Bank of Baroda shed all its early gains and were trading 0.85% lower at Rs 260.25 on NSE.