Banking News

BoB has terminated the services of Akhil Handa: MD

New Delhi: 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.

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