Latest News | No Significant Financial Implication on Bank Due to 'bob World': Bank of Baroda MD
Get latest articles and stories on Latest News at LatestLY. Bank of Baroda (BoB) on Saturday said there was very insignificant and immaterial financial implication of 'bob World' on the bank.
New Delhi, Nov 4 (PTI) Bank of Baroda (BoB) on Saturday said there was very insignificant and immaterial financial implication of 'bob World' on the bank.
The bank has terminated the services of head digital lending business Akhil Handa as part of actions initiated following regulatory steps taken by the Reserve Bank of India, BoB managing director Debadatta Chand said while announcing its quarterly numbers.
On October 10, the Reserve Bank of India (RBI) had directed BoB to halt onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.
RBI had said that the action was based on certain material supervisory concerns observed in the manner of onboarding customers onto the application.
Following the RBI's action, the bank had suspended a few officials related to the alleged manipulation of 'bob World'.
"Currently the bank is engaged with the regulator so it is difficult to share any data...very insignificant or immaterial impact is there," he said.
The bank is complying with regulatory directions from the RBI, he said, adding, the bank is engaged with the regulator in terms of compliance with all the action points.
However, he said, it would be difficult to give a timeline when the regulator would lift the ban.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)