Bank of Baroda shares rise over 3% after RBI lifts ban on adding customers on its mobile application

"The bank will now resume onboarding new customers in the Bob World application. "The bank remains committed to ensure adherence and of ," the bank stated.

Also Read:

On October 10, the RBI directed the bank to suspend with immediate effect any further onboarding of customers onto its mobile app 'Bob World'. The RBI stated that their action was based on "certain material observed in the manner of onboarding of customers onto this mobile application".

The regulator added, "Any further onboarding of bank customers on the 'bob World' application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI."

At 11:01 a.m., the stock was trading 1.5% higher at Rs 266.7 on the BSE. Year-to-date, the stock has surged 14%, while it has rallied 50% in the last one year and 160% in the past two years.

In technical terms, the relative strength index (RSI) of the stock is currently at 46.9, signaling it's neither trading in the overbought nor in the oversold territory. Additionally, the MACD is at 1.4, which is above its center line, but below the signal line.

stood higher than the 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs), while lower than 5-day and 10-day SMAs.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)