Bank of Baroda Suspends Employees Amidst ‘bob World’ App Irregularities
Bank of Baroda Takes Action Against Employees
Bank of Baroda (BoB) has recently suspended more than 60 employees, including 11 assistant general managers. This decision was made following allegations of account tampering aimed at inflating registration numbers for their ‘bob World’ mobile app. These suspensions were a direct response to serious irregularities that were discovered during an audit of the BOB World app case.
Irregularities Uncovered
An audit revealed several irregularities, including unauthorized app registration and deregistration, as well as incorrect customer account data. The suspensions primarily took place in Vadodara, with the possibility of expanding to other regions pending the results of an ongoing departmental inquiry.
Possible Consequences for Employees
BoB has stated that the suspended employees may face reduced salaries, possible punishment postings, or even termination depending on the outcome of the inquiry.
RBI’s Intervention
This incident comes after the Reserve Bank of India (RBI) invoked Section 35A of the Banking Regulation Act, 1949, preventing BoB from onboarding new customers due to material supervisory concerns. In response, BoB has initiated a rectification drive to address these issues and ensure compliance in its digital banking operations.
Bank’s Rectification Efforts
BoB is currently preparing a rectification report and has assured in a stock exchange filing that it is diligently working on rectifying the identified deficiencies. The bank aims to ensure uninterrupted services for existing customers and comply with RBI’s directives.
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