Incorrect Move

An article in CNBC stated "Citizens don't have the right to know source of electoral bonds: Centre to Supreme Court".

This will back fire when other parties come to power and will misuse it,

One thing does not change which is eternal (Assumption):

Rulers need merchants to fund their financial requirements.

In return merchants gets protection from policies which will be not against them.

BJP Government should have recommended transparency..

It is ironic that it is the same citizens are cajoled and inspired to vote when elections arrive, but they have no rights to know the truth about funding of political parties.

Very unfortunate.

Bank of Baroda - Irregularities

Issue:

The RBI, on October 10, directed BoB to stop onboarding new customers to BOB World, the lender’s digital banking application.

“Bank of Baroda should suspend, with immediate effect, any further onboarding of customers onto the BOB World mobile application. This action is based on certain material supervisory concerns observed in the manner of onboarding customers onto this mobile application,” the central bank said in a press release on October 10.

Problem:

Earlier, in July 2023, media reports said that BOB World was tampering with customer accounts. The report alleged that the lender linked the contact details of different people to increase the number of mobile application registrations.

On this, the lender said that unauthenticated or non-customer mobile numbers for boosting app registrations are factually incorrect.

Action:

Public-sector lender Bank of Baroda (BoB) has suspended over 60 employees, including 11 AGMs (assistant general managers), according to people familiar with the matter.

"AGM-level officials are scale V officers who generally hold positions of area managers, zonal heads, and oversee heads at over 25 branches," said a BoB employee.

"Mostly, people from the Vadodara region have been suspended now. We may see this drive continuing in other zones like Lucknow, Bhopal, Rajasthan and some areas of eastern Uttar Pradesh," he said.

Questions:

1. Why this is termed as Irregularities? Is it not fraud?

2. Will Google app store will give negative mark or warning sign when such admission are made by BOB as a warning to app downloaders?

3. Is there connection to Top Management who might have given them targets to achieve certain numbers by certain quarters?

4. Will there be compensation to individuals whose numbers were wrongly used in BOB App?

5. Will top management will be sacked for this issue?

6 Was OTP mechanism used to get confirmation from the individual to ensure there is acceptance?

7. Does this come under RBI or should be reported to economic offense wing?

8. For any integration into app will India make OTP integration compulsory?

9. Will telecom regulator penalize BOB for incorrect use of Individual numbers?

10. Will BOB management report:

a. Number of instances

b. Were same number used multiple times or different numbers were used?

c. Did BOB came to know about issue prior to RBI / Media and no action was taken? 

 

Source: Moneycontrol

J Sai Deepak

 A must watch interview of J Sai Deepak in The Lallantop.

Ivory Tower Members

Indian economist keep themselves busy by commenting on India from more than 12,000 kms.

They still believe they are part of India by commenting on India without knowing the ground reality.

Truly, Ivory Tower Members.