Bank of Baroda Grapples with Graft Allegations, Bobworld App Under Scrutiny

24 Nov 2023 , 12:58 PM

Bank of Baroda is conducting a forensic audit into recent graft allegations involving key employees of its mobile app, Bobworld. The audit is ongoing, with additional due diligence by the central bank on the Bobworld app.

The Reserve Bank of India (RBI) banned Bank of Baroda from onboarding new customers on Bobworld due to material supervisory concerns on October 10. The bank terminated the services of its chief digital officer, Akhil Handa, in response to the RBI directive.

Bank of Baroda’s digital currency CBDC currently has 2.5 lakh users, targeting an onboarding of 10 lakh users by the fiscal year-end. Optimism is expressed due to the ability to onboard non-banking customers and a notable increase in daily transactions, exceeding 2,000 per day.

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