In a recent development, Bank of Baroda has suspended more than 60 employees, including 11 Assistant General Managers (AGM).
The suspension is connected to the BoB World App case, as reported by Moneycontrol. This action comes after the Reserve Bank’s directive to stop onboarding new customers through the BoB World app.
Bank Shares Drop
On Wednesday, the bank’s shares saw a 1% decline, trading at Rs 205.35. The bank has acknowledged significant irregularities in this case.
Serious Misconduct
One Bank of Baroda employee explained that AGM-level officers, who are typically in charge of overseeing the work of more than 25 branches, are among those suspended.
The suspension is part of an effort to address issues identified during the BoB World App case audit.
In the suspension letter, the bank admitted that the employees had committed serious irregularities, including manipulating customer accounts without consent.
Most Suspended Employees from Vadodara
It’s worth noting that most of the suspended employees are from the Vadodara region.
According to a source familiar with the matter, similar actions may be taken in other zones, such as Lucknow, Bhopal, Rajasthan, and parts of eastern Uttar Pradesh.
Suspension Terms
Suspended employees are reportedly set to receive only one quarterly salary during their suspension period.
The bank will determine further actions based on the investigation’s outcome, with the possibility of punishments or compensation depending on their guilt or innocence.
