BoB World App fiasco: CEO Debadatta Chand says bank has taken corrective action

6 Nov 2023 , 12:46 PM

Following the discovery of anomalies in the bank’s digital banking operations, the state-run Bank of Baroda has taken corrective action, including the removal of officials at various levels, according to a top executive on November 4.

In the BOB World incident, the bank has taken action on the field and at the corporate level, including the removal of Chief Digital Officer (CDO) Akhil Handa, stated Managing Director and Chief Executive Officer Debadatta Chand in a press conference on November 4.

Earlier on November 1, the bank announced Handa’s departure as CDO in an exchange filing.

According to the bank, Kadgatoor Sheetal Venkatesmurt would take over in addition to her current responsibilities as the head of digital channels and operations.

Chand went on to say that several action points have already begun in the BOB World saga. It is a regulatory activity. The lender has had a tumultuous few months after being accused of major irregularities in onboarding users to its BoB World app.

According to sources, bank administrators tampered with customer accounts and connected the contact information of other persons in order to demonstrate an increase in the number of mobile application registrations.

At around 12.37 PM, Bank of Baroda was trading 3.93% lower at Rs 195.80 against the previous close of Rs 203.80 on NSE. The counter touched an intraday low of Rs 194.75.

For feedback and suggestions, write to us at [e-mail]