Sometimes, mistakes happen in routine banking operations, but when a bank makes an error, the consequences can be shocking. A similar incident involving Citigroup recently came to light. The bank mistakenly deposited $81 trillion (Rs 7,08,51,14,55,00,00,000) into a customer’s account when it was actually supposed to transfer just $280 (Rs 24,492).
According to a Financial Times report, the incident occurred in April last year due to an internal processing error. A bank employee initiated the payment, which was supposed to be verified and approved by another officer. However, neither of them detected the massive mistake. It was only an hour and a half later that an employee from a third bank noticed the unusual balance discrepancy and flagged the issue.
Citigroup later confirmed that its internal security systems caught the error in time, preventing any financial loss to the bank or its customers. The bank stated that while its control mechanisms were strong enough to stop the incorrect transaction from going through, the incident highlighted the need to replace manual processes with automation.
This isn’t the first time Citigroup has made such an error. In 2023, the bank recorded 10 similar incidents, where employees accidentally transferred excessive amounts, but all were corrected in time. In 2022, there were 13 such cases. Since reporting such mistakes is not mandatory, there is no official data on similar incidents. However, banking experts note that erroneous transactions exceeding $1 billion are rare.