RBI orders Bank of Baroda to suspend further customer onboarding on ‘bob World’ mobile app

Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949

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. This action 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. The bank has been further directed to ensure that already onboarded 'bob World' customers do not face any disruption on account of this suspension.

https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=56533

 

[shrewdoc]

New Article. This is shameful and still the bank did internal audits from their own staff.

India’s Bank of Baroda expose worsens: Agents steal money from accounts

RBI has banned BoB from onboarding new customers on its app after an expose by The Reporters’ Collective-Al Jazeera.

www.aljazeera.com

 

[sxchzy]

lapse of governance is very common in psus
and more frustrating thing is banks employees have unions and public support emotional outbursts such as strikes if disciplinary action is taken against them

 

[shrewdoc]

lapse of governance is very common in psus
and more frustrating thing is banks employees have unions and public support emotional outbursts such as strikes if disciplinary action is taken against them

I'm worried about the illiterate farmers and their hard earned money. Fingerprints were taken on consent forms to use "Mobile App" of these farmers who couldn't even read and write.

Disgusting. These guys should be penalised. And all these happened in cover of top management, that's more pathetic.

 

[sxchzy]

I'm worried about the illiterate farmers and their hard earned money. Fingerprints were taken on consent forms to use "Mobile App" of these farmers who couldn't even read and write.

Disgusting. These guys should be penalised. And all these happened in cover of top management, that's more pathetic.

agreed
but it isnt senior management who is answerable
they play the blame game and fire employees who majorly act on senior management guidance and memos
jyada se jyada ek executive director daal denge bod mein to show that rbi cares about compliance

 

[Survivor35]

Ironically deserving candidates are always penalised, as benefits are shared/looted by staff themselves..

 

[BlueFlash]

is aljazeera even a reliable source of information?

Aged like wine XD
Funny, how we folks are so brainwashed into being a leftist or rightist, that we can't simply accept a fact from the other side.

Bank of Baroda is involved in fraud?

An explainer on how the state-owned bank's unrealistic targets led to unethical employee behaviour.

finshots.in

 

[sxchzy]

Aged like wine XD
Funny, how we folks are so brainwashed into being a leftist or rightist, that we can't simply accept a fact from the other side.

Bank of Baroda is involved in fraud?

An explainer on how the state-owned bank's unrealistic targets led to unethical employee behaviour.

finshots.in

well historic data proves that news from the other side has always been an attack on the system.
but apart from this if this was published by TOI,FT,ET,MC i wouldnt be surprised as this kind of shit is very common in psus.

 

[AritraSaha]

is aljazeera even a reliable source of information?

Keeping others matter aside.. if rbi banned bob, there is some truth to this..

 

[sxchzy]

Keeping others matter aside.. if rbi banned bob, there is some truth to this..

the question never was whether there was a lapse of governance
it always has been the case with psus
the question was whether aljazeera was being used as a front to attack the system

 

[AritraSaha]

the question never was whether there was a lapse of governance
it always has been the case with psus
the question was whether aljazeera was being used as a front to attack the system

What this attack on the system?🤔

 

[sxchzy]

What this attack on the system?🤔

to try and discredit the government by various fronts using media as a tool.
So that the people running the show can fulfiil their agenda by bring their puppets in place

 

[Praveen05]

New Article. This is shameful and still the bank did internal audits from their own staff.

Internal audit can be done either by their own employees or can be appointed externally. Condition is that they should have requisite qualification to conduct the internal audit.
Only statutory audit is to be done by external auditors. (employees cannot do statutory audit)

 

[BlueFlash]

well historic data proves that news from the other side has always been an attack on the system our side.

Corrected now XD

 

[AritraSaha]

to try and discredit the government by various fronts using media as a tool.
So that the people running the show can fulfiil their agenda by bring their puppets in place

Bro India is the 5th largest economy & 4th largest in army.

You shouldn't think some newspaper can create such things in our country.🇮🇳😊

 

[sxchzy]

Bro India is the 5th largest economy & 4th largest in army.

You shouldn't think some newspaper can create such things in our country.🇮🇳😊

you would be surprised at how such small things being given a blind eye can cause a catastrophe in the long run

 

[Survivor35]

you would be surprised at how such small things being given a blind eye can cause a catastrophe in the long run

Media is one of the pillar and can be dangerously used by fourth estate for their wealth/ambitious goals.

 

[sxchzy]

Media is one of the pillar and can be dangerously used by fourth estate for their wealth/ambitious goals.

exactly thats why the only objective of this was to take media opinions with a pinch of salt

 

[simplewarrior]

Internal audit can be done either by their own employees or can be appointed externally. Condition is that they should have requisite qualification to conduct the internal audit.
Only statutory audit is to be done by external auditors. (employees cannot do statutory audit)

Banks have to get their IT audit done too as per RBI rules, that is done by external company.

 

[Survivor35]

exactly thats why the only objective of this was to take media opinions with a pinch of salt

Suno Saab ki Karo khud ki

 

[4uziaul]

Bamboo time 😄

Exclusive: 11 AGMs among 60 staff suspended by Bank of Baroda over digital app row

The RBI found certain irregularities in onboarding of new customers to the bank’s digital app, BOB World. Following this, the bank initiated an inquiry. Most of those suspended are from the Vadodara region, a source has told Moneycontrol

www.moneycontrol.com