Fraud at Bank of Baroda rocks the very foundations of banking

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Fraud at Bank of Baroda rocks the very foundations of banking

The massive fraud at Bank of Baroda (BoB), meticulously investigated and reported by The Reporters’ Collective (TRC) and Al Jazeera, is cause for serious alarm. The Reserve Bank of India (RBI) has since banned the bank from using its World mobile app to onboard new clients. But what happened at BoB deserves more severe censure since it is an assault on the trust that customers have in a bank, the very foundation of the business. Earlier this week The Financial Times reported that Citibank...