The State Bank of India (SBI), India’s largest and the most trusted bank, has reportedly committed a major blunder when it credited a whopping Rs 100 crores into a wrong account.
Going into details, the bank was supposed to credit Rs 100 crores to an account which was allocated for mid-day meal scheme in Jharkhand state. The concerned branch officials however credited the amount into the account of a construction company. The amount was then rerouted to several other accounts of that company.
The blunder came into light one and a half month later when the education ministry asked the bank to release the allocated amount of Rs 100 crore. It was then the bank realized their mistake. As a result of persistent efforts, the bank has so far managed to recover 70% of the credited amount and the remaining 30% is yet to recovered from the construction company.
The official held responsible for this goof-up has reportedly been suspended and an inquiry has been initiated against him to find out if the blunder happened by mistake or it was intended.