Kotak Mahindra Bank Is Facing Loss Of Rs 8 Lakhs Due To Wrong Calibration

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Kotak Mahindra Bank ATM
Kotak Mahindra Bank ATM

A big loss of Rs 8 Lakhs to Kotak Mahindra Bank due to dispense of Rs 500 instead of Rs 100 denomination notes from ATM in Hyderabad. After the Demonetization move, the ATMs had remained dispensing limited currency notes per day. Almost every second person is standing in an ATM queue waiting for their turn to dispense money from the ATM. Surprisingly an interesting incident took place in Kotak Mahindra Bank ATM in Rajiv Gandhi International Airport in Shamshabad in Hyderabad which led to users getting an unexpected jackpot, as the ATM shell out new Rs 500 currency notes instead of Rs 100 currency denominations.

Kotak Mahindra Bank Hyderabad
Kotak Mahindra Bank Hyderabad

This incident made the users happy who were lined up at the ATM. It is reported within an hour of the entire scene happened that total of Rs 8 Lakh was withdrawn from Kotak Mahindra Bank ATM machine. After seeing the huge rush outside the ATM the authorities came to know about the wrong cash dispensing. Soon, the authorities informed the bank officials who have rushed to the airport at around 9 pm and temporarily shut down the ATM machine and stopped the dispensing.

As when people present at the airport at that point of time came to know about the wrong dispersion of new denomination currency notes they soon get lined up outside the ATM which belongs to Kotak Mahindra Bank and instantaneously within in an hour Rs 8 lakh was withdrawn from the ATM machine. After seeing the astonishing rush outside the ATM, the higher authorities came into action and inquired about the rush and from there they get to know the actual reason behind the rush and they informed the bank authorities about the entire episode. Staff members from the Kotak Mahindra Bank rushed to the airport at almost around 9 pm and temporarily stopped the service of the ATM.

ATM transaction at the airport ATM machine
ATM transaction at the airport ATM machine

An airport security said that “a passenger withdrew Rs 2,500 and got one currency note of Rs 2,000 denomination instead of Rs 100s, he got Rs 4,500 instead of Rs 2,500 due to the technical error in the ATM machine”. “As soon as the news spread over the airport the travelers lined up rapidly in the ATM lined up to withdraw the cash from the ATM machine”, he added. An official from the Kotak Mahindra Bank’s Shamshabad branch said that it was a mistake made by the outsourcing staff of the off-site ATM maintenance agency.

Later the officials from the Kotak Mahindra Bank’s Shamshabad branch explained to the media that ” the outsourcing staff had mistakenly kept the Rs 500 denominations in the Rs 100 denomination slot.” He also added that they will investigate the entire matter and shall also recover the excess amount withdrawn by customers as per the database, after sharing it with the concerned customer’s bank”. The ATM maintenance agency took their thumbs down by saying that the mistake was made by the engineers who recalibrated the ATM machine. In their defense, an official from the bank authority answered that ” it is not possible to keep the higher denomination currency in the slot assigned to lower denomination currency, in such a case the machine itself identifies the mistake and rolls back the currency into the ATM”.

The Secretary of Federation of Bank Employees Mr. M.S. Kumar said that ” the bank would raise the debt with the account of the customer”. The officials also explained the entire strategy they would follow to recover the lost money from the customer who had taken the withdrawals from the ATM at the airport connecting to their home branches.

 

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