BoB World app case: Bank of Baroda suspends few employees after internal audit, says report

Bank of Baroda has suspended few of its employees after internal audit in bob World app case, said a report on Wednesday. 

The suspensions are linked to alleged tampering of accounts to boost registrations on the app 'bob World', reported CNBC TV18. 

BoB has reportedly sent suspension letters on October 16. 

Moneycontrol reported on Wednesday that the PSU bank has suspended over 60 employees, including 11 AGMs (assistant general managers).

Last week, the Reserve Bank of India on Tuesday barred state-owned Bank of Baroda from onboarding new customers on its mobile app 'bob World' following material supervisory concerns.

Responding to the RBI's directions, the state-owned lender said it has already carried out corrective measures to address the concerns of the central bank, and has initiated further steps to plug any remaining gaps. ''The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the 'bob World' mobile application,'' the central bank had said in a statement. The action, the RBI said is based on certain material supervisory concerns observed 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,'' it added. Bank of Baroda has been further directed to ensure that already onboarded 'bob World' customers do not face any disruption on account of this suspension. In a filing to stock exchanges, the bank said, ''We will work closely with the RBI to address their concerns at the earliest to their satisfaction''.

The lender also assured its customers that they will not face any disruption and continue to experience uninterrupted services on the mobile app.