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The irregularities involved unauthorized app registration and deregistration, as well as incorrect customer account data. The suspensions, which primarily occurred in Vadodara, could potentially be expanded to other regions depending on the results of an ongoing departmental inquiry.
According to a statement released by BoB, the suspended employees may face reduced salaries, possible punishment postings or even termination based on the outcome of the inquiry.
This incident comes after the Reserve Bank of India (RBI) invoked Section 35A of the Banking Regulation Act, 1949, barring BoB from onboarding new customers due to material supervisory concerns. In response to RBI’s directive, BoB has initiated a rectification drive to address these issues and ensure compliance in its digital banking operations.
As part of this initiative, BoB is preparing a rectification report and has assured in a stock exchange filing that it is working on rectifying deficiencies. The bank aims to ensure uninterrupted services for existing customers and satisfy RBI’s directives.
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