2023-11-04 14:02:03
Indian state-owned bank Bank of Baroda said on Saturday it had terminated the employment of its chief digital officer as part of a broader action once morest its employees following the central bank found shortcomings in its mobile application.
We have taken action once morest a large number of people on the ground, Director General Debadatta Chand told reporters. He did not specify the nature of these measures.
Regarding the (former) CDO (Chief Digital Officer, Akhil Handa), this is a termination of service induced by the bank and it is a dismissal.
Last month, the Reserve Bank of India (RBI) said Bank of Baroda would have to correct certain loopholes before it is allowed to on-board new customers to its ‘bob World’ mobile app. The RBI did not specify what these issues were.
Mr. Chand, however, said the RBI’s concerns were mainly with the customer onboarding process through the app and there were lapses in the adequacy of documents as well as erroneous data.
Earlier this week, the Bank of Baroda informed the stock exchanges of Handa’s cessation of activity. Handa was closely associated with the construction of “bob world
The Bank of Baroda is engaged with the RBI on many issues relating to issues related to the mobile application, Mr. Chand said, adding that the bank has strengthened its monitoring and vigilance mechanism internally.
PROFITS RISING
Earlier in the day, the bank reported a 28.4% jump in net profit for the July-September quarter, driven by strong loan growth.
The state lender’s net profit rose to 42.53 billion rupees ($512 million) in the second quarter, up from 33.13 billion rupees a year earlier.
This figure exceeds the 40.04 billion expected by analysts, according to LSEG data.
Net interest income – the difference between interest earned and paid – rose 6.5 per cent to 108.31 billion rupees.
Bank of Barodas’ net interest margin (NIM) – a key indicator of lender profitability – fell to 3.07 per cent, compared to 3.33 per cent a year earlier and 3.27 per cent in the preceding quarter.
The bank expects its net interest margin to be around 3.15 per cent this financial year, Mr. Chand said.
($1 = 83.1400 Indian rupees)
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