Category: Union

One of the suspended employees told Moneycontrol that he will get only one-third of salary during the suspension period.

“If the bank finds me guilty, it can give me a punishment posting or can even sack me. If not guilty, the bank will give a compensation salary of those months,” he said.

An email sent to BoB, seeking comments, remained unanswered till the time of publishing this report.

On October 16, Moneycontrol reported that BoB may soon file a rectification report based on its audit of the World app to the Reserve Bank of India (RBI) in the next two weeks.

“The RBI had suspended onboarding of new customers to our BOB World app,” an official had said. “We are doing a rectification drive and hoping to send a report to the RBI in the next two weeks,” he had said.

The RBI, on October 10, directed BoB to stop onboarding new customers to BOB World, the lender’s digital banking application.

“Bank of Baroda should suspend, with immediate effect, any further onboarding of customers onto the BOB World mobile application. This action is based on certain material supervisory concerns observed in the manner of onboarding customers onto this mobile application,” the central bank said in a press release on October 10.

Earlier, in July 2023, media reports said that BOB World was tampering with customer accounts. The report alleged that the lender linked the contact details of different people to increase the number of mobile application registrations.

The app’s base of activated users grew from 19.6 million in FY22 to 30 million in FY23. App downloads have increased from 34 million to 53 million in the same period.

Earlier this month, RBI directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application.

The regulator cited “certain material supervisory concerns” in the manner of onboarding of their customers onto this mobile application.

“Any further onboarding of customers of the bank 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,” RBI said in a statement on 10 October.

The regulator also directed the bank to ensure that existing customers of bob World do not face any disruption.

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