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Bank Of Baroda Formed Inquiry Authority In All Zone

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Bank of Baroda: Bank of Baroda has constituted Inquiry Committee in all the zones. For this the bank has appointed retired bankers. The disciplinary committee of the bank will send them for investigation in various cases. In recent times, many banks have constituted similar inquiry committees. According to the bank, this investigation committee will help in internal operations and corporate governance. The bank is facing regulatory concerns due to the recent Bob World App case.

Ban on adding new customers on Bob World app

On October 10, the Reserve Bank of India (RBI) had directed Bank of Baroda to stop adding new customers to BOB World App with immediate effect. Many irregularities were revealed in this app of the bank. The bank had to suspend about 60 of its employees in many cities like Bhopal, Baroda and Jaipur. The suspended officers included some officers of the level of Assistant General Manager.

What happened in ‘Bob World App’

According to the report of ET Now, in July 2023, it was revealed that Bank of Baroda had tampered with the data of the bank’s customers to increase the subscriber base on its app ‘Bob World’. The bank linked customers’ account details with other contact numbers so that more registrations could be shown on the mobile app. Many of these mobile numbers were unregistered and did not belong to the customer whose account details were linked to it. After this, RBI had banned Bank of Baroda from adding new customers.

BOB is the third largest bank in the country

After the merger of Vijaya Bank and Dena Bank, Bank of Baroda became the third largest government bank in the country. The bank launched the digital mobile banking app ‘Bob World’ in 2021. Its purpose was to integrate all the services of the bank. But, a major error of tampering with customer data was detected. A civil society platform had also written a letter to RBI Governor Shaktikanta Das in this regard, demanding to follow the information security audit mechanism in the ‘Bob World’ case so that the data and other interests of the customers can be protected.

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