Tamilnad Mercantile Bank: Wrong credit due to technical glitch
CHENNAI: Tamilnad Mercantile Bank (TMB) has clarified that the wrong credit of Rs 9,000 crore, which happened last month, was due to a technical glitch in its internal systems, and not the fault of the National Payments Corporation of India (NPCI).
The technical glitch led to the error in processing the credit to the customer, the bank said in an exchange filing, adding that the mistake was noticed and corrective action was taken immediately.
Additional controls are already implemented in our internal systems to avoid the recurrence of such mistakes in future, it said. The bank said it didn’t incur any financial losses due to the error. On September 21, R9,000 crore was deposited in the bank account of a cab driver in Chennai. The bank officials contacted him soon and told him that the money was credited by mistake.