Bank of Baroda Suspends 60 Employees, Including 11 AGMs, Over Digital App Scam

60 staff suspended by Bank of Baroda

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 necessary steps.

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 fine.

Bank of Baroda has not released the names List.

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