Bank of Baroda asks customers not to panic and promises to credit money wrongly debited due to technical issues

Updated to add Bank of Baroda’s response.

Baroda State Bank, hit by a huge technical glitch in the process of upgrading its core banking software, has asked its customers not to panic. The bank resolves the technical issues caused by the customer’s migration to a newer system which has led several thousand customers to find their accounts wrongly debited, especially in NEFT and RTGS transactions.

The bank plans to publish a statement shortly and also inform customers of the recourse method. “We are migrating approximately 73 million customers to the new version of Finacle, our core banking software. For this reason, some clients have reportedly faced issues such as having money automatically withdrawn from their accounts, especially through NEFT. However, there is no reason to panic and we are working with Infosys and Oracle to resolve technical issues as soon as possible. We also credit any accounts receivable money that has been wrongly debited due to this technical issue, ”a senior Bank of Baroda official told Moneylife.

PS Jayakumar, Managing Director and CEO of BoB, responding to a question from Moneylife, said: “About 8,300 accounts were also affected on August 12, 2017 due to an erroneous debit of service fees that were not due by customers. These charges have since been reversed and impacted customers were duly notified via SMS on August 20, 2017. Our 24/7 contact center provided the necessary information for customer inquiries regarding system issues that may have occurred. an impact on certain transactions.

Unfortunately, such debits caused panic among ordinary customers due to the huge bad debts and losses of nationalized banks. Incorrect social media posts only add to the panic. Also in this case, the video we saw has already gone viral on social media.

According to a Times of India report, thousands of Bob’s account holders have received text messages informing them of money being deducted from their accounts. “Account holders breathed a sigh of relief on Sunday night when they received a text from the bank informing them that the lost money was being credited to their accounts. Later, the bank started circulating text messages among account holders to inform that due to the system upgrade, there may have been difficulties in banking transactions, ”the report said.

Quoting RC Verma, BoB branch manager in Vadodara, the report states: “There was a technical defect in our main server due to which the money was deducted. Not only our branch, but other branches in the state were also slightly affected, but those in Chennai were badly affected. ”

Here is a note received by Moneylife from Mr Jayakumar of BoB …

As of July 2017, Bank of Baroda had total assets of over Rs3.58 lakh crore, a network of 5,538 branches in India and abroad and 10,441 ATMs.

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