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India's Bank of Baroda falls after RBI ban on adding new app customers

Reuters · 1y

Shares of Bank of Baroda (BOB.NS) dropped by nearly 4% after the Reserve Bank of India (RBI) prohibited the state-run lender from adding customers to its mobile app due to "certain material supervisory concerns." The RBI stated that the bank can resume onboarding customers to its bob World app only after addressing the identified deficiencies. Macquarie analysts anticipate a negative impact on the bank's asset and liability growth as a result of the restriction on digital sourcing. Bank of Baroda's shares have underperformed the PSU bank index this year.