In this bank Reserve Bank of India (RBI) found supervisory concerns in the mobile banking onboarding process following that the stock declined over 3.5% on Wednesday. This stock has delivered 21% returns in six months and 59% returns in one year.
Bank of Baroda
The company has a market capitalisation of Rs. 1,07,305 Cr, making it a large-cap company. On Wednesday the company stocks declined more than 3.5% and currently, shares were trading 3.1% down at Rs. 207.40 on BSE.
According to the BSE filing, RBI directed the Bank of Baroda (BoB) to suspend, with immediate effect, any further onboarding of customers onto its ‘bob World’ mobile application, based on certain supervisory concerns that RBI had observed in the bank’s mobile banking onboarding processes. Further customer onboarding on the ‘bob world’ application will be subject to further strengthening related processes by the bank to the satisfaction of the RBI.
As per the company filing, the company’s total revenue grew by 54% from Rs. 21,576 Cr in Q1 FY23 to Rs. 33,318 Cr in Q1 FY24 and for the same period, net profit increased by 101% from Rs. 2,139 Cr to Rs. 4,302 Cr.
As per the latest shareholding information, Promoters hold 63.97%, FIIs hold 12.29%, DIIs hold 16.04% and the public hold 7.07% stake in the company.
Bank of Baroda (BOB or BoB) is a public sector bank in India with headquarters in Vadodara, Gujarat. With 153 million customers, a total business of US $ 218 billion, and a global footprint of 100 abroad locations. It is India’s second largest public sector bank after the State Bank of India.
Written by Sheshadri N
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