Bank of Baroda gains as RBI lifts ban on BoB World app

Bank of Baroda rose 1.33% to Rs 266.20 after the Reserve Bank of India (RBI) lifted a ban on the bank's mobile app, BoB World.

The ban, imposed in October 2023 due to concerns about Bank of Baroda's digital security, was lifted after the bank addressed the RBI's concerns with corrective actions.

BoB World is a digital banking app that provides all banking services under one roof. This is a positive development for Bank of Baroda, as it will allow the bank to resume onboarding new customers to its digital banking platform.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,211 branches and 11,030 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 92 overseas offices spanning 17 countries. As of 31 December 2023, Government of India held 63.97% stake in the bank.

The PSU banks standalone net profit jumped 18.8% to Rs 4,579 crore in Q3 FY24 as compared with Rs 3,853 crore in Q3 FY23. Total income jumped 15.96% YoY to Rs 31,415.62 crore in Q3 FY24.

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