Public Sector Bank of Baroda (BoB) has issued an explanatory notes to its employees involves in BoB World Mobile Banking application fraudulent case. So far, at least 50 people have been asked to submit these notes across different branches, a person familiar with the matter said.
Based on a review of its records, the bank has identified people allegedly involved in irregularities in mobile transactions, according to a communication by the bank to its employees. It has also asked them to explain the rationale for their actions. The explanation letter from the bank says:
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“However, you may share your rationale for your actions by way of an explanatory note on the above issues within -07- days from date of receipt of this letter. Your rationale on the said points of EN should be supported by documentary evidence and a copy of the same be attached along with reply/rationale,” it read.
So far, at least 50 people have been asked to submit these notes across different branches, said the second person quoted above. The investigation is still on and more people may be asked to submit them, said the first and second person quoted above.
At present, the audit is being executed by an external agency and this action is a part of that, all five people confirmed.
Since the preparation of these notes can be a ‘meticulous’ process, the Federation of Bank of Baroda Officers’ Association has also extended its assistance, according to a Dec. 12 circular. “It is imperative to note that all officers receiving explanation letters can seek support from us, irrespective of their affiliation with FBOBOA or not,” it read.
The fraudulent financial transactions were taking place on the app as users were sharing their credentials with others. The dynamic one-time passwords shared via email were being leaked. In the aftermath of the mess, the inspection department at the bank identified over 40 lakh accounts with changed mobile numbers, according to a Dec. 8 circular by FBOBOA.