As part of its response to anomalies in client onboarding for its mobile banking app, Bob World, Bank of Baroda is believed to have suspended over 50 workers across states, including several at the assistant general manager level.
The move is in response to the Reserve Bank of India’s ruling from last week prohibiting the Bank of Baroda from adding new users to its mobile banking app. When the employees entered third-party numbers at the back end to raise the number of registered mobile banking users, the RBI issued the order.
Considering the number of workers who have been targeted, insiders claim that this is the bank’s largest-ever disciplinary action in terms of scope. the bank to the satisfaction of RBI,” the RBI had stated at the time of issuing the order.
According to Devidas Tuljapurkar, general secretary of the Maharashtra State Bank Employees Federation, banks face severe competition and are involved in a rat race with lofty goals. To attain these objectives, they are sometimes mistreating field personnel and failing to provide necessary resources and facilities.
In early trading today, shares of Bank of Baroda fell over 4% after the Reserve Bank of India (RBI) ordered the state-owned lender to immediately stop adding new customers to its mobile banking app. On the BSE, the price of Bank of Baroda stock dropped 3.71% to Rs 206.25 from its previous closing of Rs 214.20. The bank’s market value dropped to 1.07 lakh crore.
Technically speaking, Bank of Baroda’s relative strength index (RSI) is 56.9, indicating that it is neither trading in the oversold nor the overbought zone. Shares of Bank of Baroda are trading below the 5-day, 10-day, and 20-day moving averages but above the 30-day, 50-day, 100-day, and 150-day moving averages.
