Bank Of Baroda Suspends Staff Over 'bob World' App Row
According to media reports, new developments in the ongoing saga of the Bank of Baroda's 'bob World' mobile banking application case have emerged, with the state-owned lender suspending several employees following an internal audit.
These suspensions follow accusations of account manipulation in order to increase the number of registrations on the 'bob World' app. As a result, immediately following the audit, the bank issued suspension notices to more than 60 employees, including 11 assistant general managers (AGMs), on 16 October.
Previously, the Reserve Bank of India took action against the state-owned Bank of Baroda, prohibiting it from enrolling new customers in its mobile app, bob World. This was done in response to supervisory concerns about how customers were being onboarded onto this mobile application.
In response to the RBI's directive, the bank stated that it has already implemented corrective measures to address the central bank's concerns, and that additional steps have been initiated to address any remaining issues.
Additionally, under section 35A of the Banking Regulation Act of 1949, the RBI directed the bank to halt any further onboarding of customers onto the 'bob World' mobile application.
Bank of Baroda has been given additional instructions to ensure that customers who are already using the 'bob World' app do not experience any disruptions as a result of this suspension.
