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Bank of Baroda customers debited erroneously due to glitch in software

Around 8,300 bank accounts were erroneously debited of service charges that were not due from the customers on August 19, Bank of Baroda informed on their website. The state-run bank said that it hit a glitch while upgrading its core banking software to the latest version this month. Bank of Baroda’s core banking software is Infosys’s Finacle and the bank began implementing the latest version during the weekend over August 12-13, 2017.

“Considering the massive scale and magnitude of the upgradation, there have been some glitches in the NEFT/ RTGS and Outward clearing related transactions, which have been addressed by our team on a war footing basis around the clock and have largely been fixed ever since,” Bank of Baroda said.  The bank added that the charges have since been reversed and impacted customers have been duly informed via SMS on August 20, 2017.

However, the total amount debited is yet to be known but it is reported to have been lakhs of rupees on a cumulative basis, Moneycontrol reported. The publication also cited a senior bank official who said that around 70 million customers who migrated to the new core banking software have faced auto debits across savings, current and NRI accounts.

The bank also admitted that there have been challenges such as the speed of the systems. “We expect this process to be completed during the course of this week,” it added.

Meanwhile, the debits have been creating panic among ordinary customers and the bad loans and losses at public sector banks have not helped sentiment.

As of July 31, Bank of Baroda has a domestic presence spanning 5,434 branches and 10,563 ATMs. The bank is also undergoing a comprehensive business transformation called Project Navoday which will look at new digitization processed to increased quality business growth, portfolio diversification, and enhanced fee income. It is also expanding its network of cashless digital villages across the country through digital portable branches.

Customers facing any issues may contact the bank on:

  • Toll Free Numbers: 1800 22 33 44 and 1800 102 44 55
  • Helpline Landline Numbers: +91 22 6698 3049 and +91 22 6698 3070
  • Helpline SMS/ WhatsApp Numbers: +9170202 32131 and +91 98338 62638
  • Email:cbssupport@bankofbaroda.com

 

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