SBI wrongly credits Rs 100 cr amount for mid-day meal to construction company; Rs 30 cr still to be recovered

In a major blunder, State Bank of India, had wrongly deposited an amount to the tune of Rs 100 crore, allocated for mid-day meal (MDM) in Jharkhand, to the account of a construction company, according to a report on The Indian Express. It was a lapse on the part of State Bank of India (SBI) official, which led the money to stay in the wrong account for a period between August 5 and September 19.

While SBI has recovered 70% of the amount, efforts are underway to get the remaining amount too.

According to SBI deputy general manager (Ranchi zone) D K Panda, an internal inquiry was launched into the goof-up the bank, and an official responsible for it had been suspended. The official works with its Hatia Branch. "We also reached the CBI unit in Ranchi and got a formal complaint lodged. After the amount got credited to the construction company's account, it was rerouted to around seven or eight other accounts of the company," Panda said.

The mistake was noticed by the education ministry when the bank was asked to release the amount. The bank acknowledged it was credited to wrong account.