At the national banking summit hosted by IBA and Ficci today, Bank of Baroda's Joydeep Dutta Roy shared insights into the bank's digital initiatives and internal challenges. The focus was on the expansion of the Central Bank Digital Currency (CBDC) platform and the ongoing forensic audit of Bobworld, the bank's digital offering.
Roy announced that the CBDC platform has expanded to 2.5 lakh users and is set to reach a target of 10 lakh by the end of the fiscal year. This growth is attributed to the strategy of onboarding non-banking customers and an increase in daily transactions, which have surged past 2,000.
The summit also shed light on recent supervisory actions by the Reserve Bank of India (RBI), which had mandated a halt on new user registrations for Bobworld starting October 10 due to supervisory concerns. In response to RBI's directive, Bank of Baroda has been conducting a forensic audit that remains incomplete.
Adding to the bank's internal challenges, Bank of Baroda CEO Debadatta Chand confirmed on November 5 that Chief Digital Officer Akhil Handa was dismissed from his role, a decision linked to service cessation issues. Chand also mentioned broader disciplinary measures affecting several staff members.
Bank of Baroda continues to navigate these operational hurdles while pushing forward with its digital currency ambitions, aiming for significant user growth on its CBDC platform in the coming months.
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