A major bank error costs the Centre for Latin American Studies at a university dearly, following a clerical mistake in a payment to a visiting lecturer.
The error occurred when the Centre attempted to pay journalist Milan Sime Martinic ₹20,000 for delivering four online lectures. A bank clerk reportedly entered the dollar sign instead of the rupee sign, transferring $20,000 instead of ₹20,000. University officials have described the incident as one of the costliest clerical mistakes in SBI’s recent history.
The excess amount was credited on June 15, 2023, to the account of Kathleen Martinic, the lecturer’s wife. The mistake went unnoticed for several months and was formally reported to the university in 2024, prompting recovery efforts.
University authorities contacted Martinic to return the excess funds. According to officials, he assured them that the money would be repaid, but the transfer was never made. “Milan Martinic promised to repay the excess amount, but despite his claims, the funds never reached us,” said Gireesh Kumar, head of the Centre for Latin American Studies.
Following these communications, Martinic passed away, making the recovery of funds even more complicated. The money had been drawn from a Rs 2 million allocation sanctioned by the state government for a student exchange programme. Reports indicate that the excess amount was later moved from Kathleen Martinic’s account to that of a consulting group.
The Centre has since approached the banking ombudsman to resolve the issue. SBI has acknowledged the mistake and has sought the university’s help in convincing the recipient to return the funds.
Experts note that this incident is a cautionary tale for institutions handling international payments, highlighting how small clerical errors can escalate into serious financial consequences.
For now, the bank error costs the university a significant portion of its budget, and efforts to recover the funds are ongoing. The case underscores the importance of careful review and verification in financial transactions.
In other news read more about: Court Restores Shaukat Khanum and Namal University Bank Accounts
