Bank of Baroda's shares rise over 3% after RBI lifts restrictions on onboarding of new customers via 'BOB World' app

Mumbai/IBNS: The Reserve Bank of India (RBI) has allowed Bank of Baroda (BOB) to onboard customers via its 'BOB World' mobile application, following which shares of the public sector bank surged 3.4 percent to Rs 271 per share on Thursday (May 9).

IBNS • 9 May 2024, 04:41 am

The stock of the public sector lender surged over 15 percent so far this year, outperforming a 2 percent rise in the benchmark Nifty 50 index.

In a letter dated May 8, the RBI informed the Bank of Baroda that the country's apex bank has decided to lift the restrictions on 'BOB World' app with immediate effect, allowing the public sector bank to onboard customers through the mobile application.

Earlier on October 10 last year, RBI had imposed restrictions on the state-owned bank from adding new customers on its 'BOB World' mobile app.