Over 60 workers, including 11 assistant general managers (AGMs), have been suspended by Bank of Baroda for allegedly participating in fraud on the bank’s mobile application.
What is an AGM?
The full form of AGM is the Annual General Meeting. It is a meeting held once a year in which the shareholders of the bank can participate. The bank’s financial performance, future definition, and other important documents are discussed in this meeting. Shareholders can also ask their questions in this meeting and register their shareholders.
According to sources, the action was
initiated last week, and most of the suspended workers were engaged in the sale
of financial services via the bank’s mobile app.
According to sources, the bank lost
crores of rupees because of this alleged fraud.
A spokesman for Bank of Baroda
verified the event and said that the bank is looking into it and would take the
The representative said that the bank
takes seriously its responsibility to ensure the safety and security of its
clients and would not put up with any such fraud.
Many individuals have praised the Bank
of Baroda for this initiative. He advised the bank to punish such personnel
harshly for failing to fulfill their obligations.
This occurrence occurred when fraud in
the financial sector was on the rise. Numerous bank fraud instances have
surfaced in the previous few years, causing banks to incur losses amounting to
billions of rupees.
According to experts, banks should
improve their systems and procedures to reduce the risk of fraud. They should
also ensure that all their staff members have received proper training and are
aware of scams.
The course of action that will be
taken against the suspended workers is not yet known. However, the bank might
take disciplinary action, which could include suspension, termination, or a
Bank of Baroda has not
released the names List.