Kerala: A clerical error on the State Financial institution of India (SBI) has price Kerala College Rs1.65 million after $20,000 was mistakenly transferred to the spouse of a Brazil-based journalist as a substitute of the supposed Rs20,000, Indian media reported.
The error occurred when the college’s Middle for Latin American Research tried to pay ₹20,000 as remuneration to journalist Milan Sime Martinic for delivering 4 on-line lectures. A financial institution clerk reportedly entered the greenback image as a substitute of the rupee signal, ensuing within the switch of $20,000.
Officers have described the incident as one of many costliest clerical errors in SBI’s current historical past.
The surplus quantity was credited on June 15, 2023, to the checking account of Kathleen Martinic, the lecturer’s spouse. The error went unnoticed for a number of months and was formally reported to the college in 2024, prompting efforts to recuperate the funds.
College authorities contacted Martinique looking for a refund. In accordance with the Centre, he assured officers that the surplus quantity can be returned, however the cash was by no means credited again to the college’s account.
“Milan Martinic promised to repay the surplus quantity, however regardless of his claims, the funds by no means reached us,” Gireesh Kumar, head of the Middle for Latin American Research, informed Indian media.
Just a few months after speaking with the college, Martinique handed away, additional dimming hopes of recovering the cash, officers stated.
The funds had initially been drawn from a Rs2 million allocation sanctioned by the state authorities for a scholar change program. After the switch, the surplus quantity was reportedly moved from Kathleen Martinic’s account to that of a consulting group.
The Middle has since approached the banking ombudsman, however the difficulty stays unresolved. SBI has acknowledged the error and has sought the college’s help in persuading the recipient to return the surplus funds. For now, the pricey mistake continues to weigh on the college’s funds.
