Citibank loses Rs 3650 crore due to biggest blunder in banking history

New Delhi : There have been many such reports from the banking sector in India in the last few years, which has increased the concern among the common people. Now one such news is coming from Citibank. This case is being considered as the biggest blunder in the history of the banking sector. Actually the case is related to cosmetic company Revlon. Due to this company, the bank has lost $ 50 million (about 3650 crores rupees).

Actually the case is from August 2016 when Citibank gave a loan of $ 1.8 million to cosmetic company Revlon. The company took this loan to acquire a big brand. But due to the bank’s software error, the amount of $ 500 million was mistakenly transferred. According to the bank, this error occurred due to their outdated software, due to which the huge amount of money was transferred to the company by mistake. But the company refused to return this amount. After that the case went to the US court. The court also admitted that it is the biggest blunder of the bank.

What did the court say
On this matter which has been going on in the court for almost 4 years, the US court has clearly said that this is the biggest blunder in banking history. This means that now Citibank will have to face a big punishment for this mistake and will lose $ 500 million or about Rs 3650 crore. Even before this, some such incidents have happened in the banking sector, but this is the biggest ever in terms of money.

According to a report of AFP, a spokesperson of Citibank has said that we completely disagree with this decision of the court. This amount has been transferred due to a mistake and we will keep trying to recover it. While the company cited a case of 1991, if the bank accidentally transfers the wire to someone’s account, it is the responsibility of the bank and not the person in whose account the money was transferred by mistake.