Bank of Baroda (BOB) is facing a significant change in its digital leadership as Akhil Handa, the head of digital lending, has decided to leave the organization. Handa was a key figure in the development of BOB’s mobile banking application ‘bob World,’ but his departure comes in the wake of regulatory restrictions imposed by the Reserve Bank of India (RBI).
Akhil Handa’s Departure
- Akhil Handa had been associated with Bank of Baroda since 2015 and played a pivotal role in shaping the bank’s digital strategy.
- As the Chief Digital Officer, he was responsible for driving digital transformation across the bank’s various lines of business, as well as the profit and loss (P&L) responsibility.
- However, he recently announced his resignation and was in his notice period, with his last working day having occurred.
Regulatory Concerns and RBI’s Intervention
The Reserve Bank of India (RBI) recently imposed curbs on BOB, preventing the bank from onboarding new customers on the ‘bob World’ mobile application. These restrictions were prompted by supervisory concerns regarding the manner in which customers were being onboarded through the mobile application.
Kadgatoor Sheetal Venkatesmurt Takes Charge
In response to Akhil Handa’s resignation, BOB appointed Kadgatoor Sheetal Venkatesmurt to take over the charge of digital lending in addition to her role as the head of digital channels and operations. This decision was necessitated by the cessation of Akhil Handa’s employment with the bank.
Implications for BOB
Akhil Handa’s departure and the regulatory restrictions on ‘bob World’ represent a challenging situation for Bank of Baroda. The bank will now need to navigate the digital landscape under new leadership and address the RBI’s concerns to regain full functionality of its mobile application.