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On October 10, the RBI had directed BoB to halt fresh onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns

Bank of Baroda suspends officials in 'bob World' manipulation investigation

<h2>On October 10, the RBI had directed BoB to halt fresh onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns</h2>

Days after the Reserve Bank of India barred state-owned Bank of Baroda from onboarding fresh customers on its mobile application, the Mumbai-based lender has suspended some officials related to alleged manipulation of 'bob World'.&nbsp; According to officials, certain officials, including assistant general managers, being suspended due to alleged manipulation of the 'bob World' app.
Also read/watch - <a title="Government hikes Wheat MSP by Rs 150 to Rs 2,275 per quintal for 2024-25" href="https://www.editorji.com/business-news/economy/government-hikes-wheat-msp-by-by-rs-150-to-rs-2-275-per-quintal-for-2024-25-1697637802612">Government hikes Wheat MSP by Rs 150 to Rs 2,275 per quintal for 2024-25</a>
Sources indicate that these officials are suspected of tampering with customer accounts to artificially boost the number of registrations on the bank's mobile app, 'bob World.' Despite reaching out to the bank for comment, there has been no response to date.
The RBI's directive, issued on October 10, ordered Bank of Baroda to immediately halt the onboarding of new customers on the 'bob World' mobile application, citing significant supervisory concerns. The action was taken in response to observed issues related to the customer onboarding process. Also read/watch - <a title="Cashew nut prices remain unchanged despite increased Diwali demand" href="https://www.editorji.com/business-news/cashew-nut-prices-remain-unchanged-despite-increased-diwali-demand-1697635549125">Cashew nut prices remain unchanged despite increased Diwali demand</a>
Notably, in December 2020, the RBI had imposed restrictions on HDFC Bank, preventing it from issuing new credit cards and launching fresh digital initiatives due to recurrent technological disruptions at the bank, which is a market leader in the credit card segment.
Subsequently, similar bans were imposed on new card issuances by Mastercard and American Express for failing to comply with data localization rules. Following remedial actions by HDFC Bank, the regulator partially lifted the card issuance ban in August 2021, though restrictions on launching new technology initiatives remained in place until they were completely lifted in 2022.&nbsp;

RBI halts BoB's 'Bob World' app onboarding due to supervisory concerns. BoB assures existing customers of uninterrupted services and emphasizes ongoing corrective actions. No impact on other digital services

Bank of Baroda addresses RBI concerns, ensures seamless customer experience

<h2>RBI halts BoB's 'Bob World' app onboarding due to supervisory concerns. BoB assures existing customers of uninterrupted services and emphasizes ongoing corrective actions. No impact on other digital services</h2>

In response to the RBI's directive to halt new customer onboarding through its 'Bob World' mobile app, Bank of Baroda reassured existing customers of uninterrupted services.
BoB, in an official statement, confirmed the RBI's directive, stating that corrective measures were already in progress to rectify the deficiencies identified in the mobile banking onboarding processes. The bank emphasized its commitment to cooperating closely with the RBI to resolve the concerns promptly and to the satisfaction of the regulatory authority.
Importantly, BoB clarified that the RBI's directive does not impact its other digital banking channels, such as net banking, WhatsApp banking, debit cards, and ATMs. Existing customers and new customers using these channels will not face any disruption in services.
This move by the RBI follows a similar action taken against HDFC Bank in December 2020 when the bank was barred from issuing new cards and launching new digital initiatives due to technical outages.
BoB, stated that it does not anticipate a significant impact on its overall business and growth plans due to this directive. The bank remains committed to ensuring the security and efficiency of its digital banking services and will work diligently to address the concerns raised by the RBI, assuring its customers of a seamless banking experience. Also Watch: <a href="https://www.editorji.com/business-news/rbi-restricts-bank-of-baroda-from-adding-new-customers-to-bob-world-mobile-app-1696947341493">RBI restricts Bank of Baroda from adding new customers to 'bob World' Mobile App</a>

After recording its highest quarterly net profit of ₹4,775 crore which is 168% year-on-year rise, Bank of Baroda has crossed ₹1 lakh crore market cap

Bank of Baroda follows SBI, becomes the second PSB to hit ₹1 lakh crore market cap

After recording its highest quarterly net profit of ₹4,775 crore which is a whopping 168% year-on-year rise, Bank of Baroda has crossed ₹1 lakh crore market cap

After recording its highest quarterly net profit of ₹4,775 crore which is 168% year-on-year rise, Bank of Baroda has crossed ₹1 lakh crore market cap

Bank of Baroda has hit a big milestone with its market capitalisation crossing the ₹1 lakh crore mark. With this, Bank of Baroda becomes the second public sector bank after SBI to achieve this.
Currently, SBI's market cap is around ₹5.07 lakh crore. Market cap or Market capitalisation refers to the total value of a publicly traded company's outstanding common shares owned by stockholders.
Bank of Baroda closed the day more than 3% higher at ₹194. As per Money control, the stock is up nearly 20% since March 28. The strong gains came after robust earnings in the March quarter as well as for the whole year of FY23.&nbsp;
In the March quarter, Bank of Baroda recorded its highest quarterly net profit of ₹4,775 crore. This is a whopping 168% year-on-year rise. The bank's total deposit also grew by 13% to ₹10.47 lakh crore from ₹9.27 lakh crore the previous year. Meanwhile, the gross non-performing assets have declined 32% to Rs 36,764 crore from Rs 54,059 crore on a YoY basis &nbsp;&nbsp;
Among all the banks, including both private and public sector HDFC bank is the most valuable with a market cap of ₹9 lakh crore followed by ICICI bank whose valuation is at around ₹6.44 lakh crore.&nbsp;
&nbsp;

Bank of Baroda raised its marginal cost of funds-based lending rate by five basis points with effect from April 12, Bank of Baroda's one-year MCLR would be 8.6%

Despite RBI's status quo on interest rates, BoB hikes MCLR, borrower with EMIs under pressure

Bank of Baroda raised its marginal cost of funds-based lending rate by five basis points with effect from April 12, Bank of Baroda's one-year MCLR would be 8.6%

Bank of Baroda, the second-largest PSU lender in India, raised its marginal cost of funds-based lending rate, by five basis points on Tuesday, with effect from April 12. The key interest rate below which a bank cannot give out a loan is known as the MCLR.
This move by Bank of Baroda comes just days after the RBI announced a status quo on the repo rate, the main interest rate at which it loans money to commercial banks, as well as its policy position. However, the RBI, in no uncertain terms, has kept the door open for more rate hikes if necessary.&nbsp;
According to a regulatory filing, effective Wednesday, April 12, Bank of Baroda's one-year MCLR would be 8.6% versus 8.55% earlier. In addition, the Bank of Baroda increased its overnight MCLR by five basis points while maintaining the same interest rates for other tenors, as reported by Zee Business.
List of Interest Rates
MCLR tenor&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Existing MCLR (%) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;MCLR with effect from April 12, 2023 (%) &nbsp;Overnight&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;7.9 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;7.95 &nbsp;One month&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;8.2 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;8.2 Three months&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 8.3&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 8.3 Six months&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;8.4&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 8.4 One year&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 8.55 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;8.6

Despite an unexpected loss in the quarter gone by brokerages continue to be bullish on Bank of Baroda citing asset quality improvement.&nbsp;CLSA&nbsp;while maintaining their BUY call on the stock have&nbsp;increased the price&nbsp;target price on the stock Rs 130 while raising earnings estimates by 4%-5%. The chinese&nbsp;brokerage expects BoB&nbsp;to have turned the corner as the slippage number comes in much below expectations.&nbsp;JPMorgan as well citing the low slippage numbers at Rs 3000 cr maintains Overweight stance on BoB&nbsp;but keeps a modest target of Rs 110 on the stock.&nbsp;Morgan Stanley though retains an Equal-Weight on the stock and is upbeat on the FY'22 outlook recommends its clients to look at a more modest price target of Rs 100/share.&nbsp;

Stock Bets: Brokerages bullish on Bank of Baroda see 50% upside 

Stock Bets: Brokerages bullish on Bank of Baroda see 50% upside in te stock

Stock Bets: Brokerages bullish on Bank of Baroda

Despite an unexpected loss in the quarter gone by brokerages continue to be bullish on Bank of Baroda citing asset quality improvement.&nbsp; CLSA&nbsp;while maintaining their BUY call on the stock have&nbsp;increased the price&nbsp;target price on the stock Rs 130 while raising earnings estimates by 4%-5%. The chinese&nbsp;brokerage expects BoB&nbsp;to have turned the corner as the slippage number comes in much below expectations.&nbsp; JPMorgan as well citing the low slippage numbers at Rs 3000 cr maintains Overweight stance on BoB&nbsp;but keeps a modest target of Rs 110 on the stock.&nbsp; Morgan Stanley though retains an Equal-Weight on the stock and is upbeat on the FY'22 outlook recommends its clients to look at a more modest price target of Rs 100/share.&nbsp;

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