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MUMBAI: Bank of Baroda has stated that the departure of its chief digital officer, Akhil Handa, last week was a result of the bank’s actions in compliance with RBI directives.
The banking regulator had asked Bank of Baroda to stop inducting customers onto its bob World app after irregularities were detected regarding customer onboarding.
The bank had informed the exchange last week of Handa’s “cessation of service” without specifying the reason.Earlier this year, there were reports that BoB employees were onboarding customers to the app by using third-party mobile numbers in order to achieve enrolment targets. This was followed by RBI’s ban on onboarding new customers.
“We have been working on many action points for a while, and there is substantial compliance on all parameters. I cannot give a timeline, but going forward, we hope to be fully compliant with the regulatory action,” said Debadatta Chand, MD & CEO, Bank of Baroda. Chand said that Handa’s exit was “bank-induced” and in the form of contract termination. However in a statement on Sunday, Handa said his exit was a personal decision, Reuters reported.
“Actions have been initiated against a group of people at the branch and supervisory levels. You cannot identify just one individual, and it is a group action that is being initiated,” said Chand.
Earlier, TOI had reported that several employees were suspended at the branch and supervisory levels as part of an action against the irregularities in onboarding.
The banking regulator had asked Bank of Baroda to stop inducting customers onto its bob World app after irregularities were detected regarding customer onboarding.
The bank had informed the exchange last week of Handa’s “cessation of service” without specifying the reason.Earlier this year, there were reports that BoB employees were onboarding customers to the app by using third-party mobile numbers in order to achieve enrolment targets. This was followed by RBI’s ban on onboarding new customers.
“We have been working on many action points for a while, and there is substantial compliance on all parameters. I cannot give a timeline, but going forward, we hope to be fully compliant with the regulatory action,” said Debadatta Chand, MD & CEO, Bank of Baroda. Chand said that Handa’s exit was “bank-induced” and in the form of contract termination. However in a statement on Sunday, Handa said his exit was a personal decision, Reuters reported.
“Actions have been initiated against a group of people at the branch and supervisory levels. You cannot identify just one individual, and it is a group action that is being initiated,” said Chand.
Earlier, TOI had reported that several employees were suspended at the branch and supervisory levels as part of an action against the irregularities in onboarding.
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