Bank error in India causes simple farmer to be a billionaire for 40 minutes

By on May 9, 2012 in Asia, Banking, Weird Comments

A bank error in India caused a simple farmer to be a billionaire, but only for about 40 minutes after bank officials were able to correct the mistake immediately.



Punjab National Bank logo
Image Credit: PNBIndia.in

According to the Times of India on Tuesday, May 8, 2012, Sushil Kumar, a simple farmer from Fatehabad, a district in Haryana state, had a shock of his life after learning that he became an instant billionaire.

As noted in the report, Kumar, who is in his early 30s made an e-banking balance inquiry at Punjab National Bank (PNB) branch in his village on Friday and was surprised upon learning that his money had reached to billions.

“I had accessed my account to check the balance after my friend deposited an amount of Rs 40,000 in the account. After finding such a huge amount flashed on the computer screen, I rushed to the ATM to cross check.” Mr. Kumar was quoted in the report.

“To my surprise, the slip showed the same amount of Rs 964.64 crore in my account. I informed the bank accordingly.” Kumar added, with the money if converted to US dollars using current conversion rate could reach to around $180.6 billion, since one crore rupee is equal to 10 million rupees.

“Yes, we came to know about the fault. Once the bank authorities freeze an account, no one could access the account. The bank has taken back the sum from Sunil Kumar‘s account.” PNB Fatehabad branch chief manager BR Sharma told the paper.

Meanwhile, HindustanTimes.com reported that the mistake allegedly due to the mixed-up of the 10-digit mobile number of Sushil‘s friend and the amount of money deposited.

“The mobile number was mistaken as the actual amount by one of our bank employees and the same got credited into the person’s account,” PNB Haryana General Manager Vinay Kumar reportedly said.



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