A simple clerical error at a State Bank of India branch has resulted in a staggering financial loss for Kerala University, turning what should have been a routine payment into a costly saga. The university's Centre for Latin American Studies is grappling with the aftermath of a monumental banking blunder where the Indian rupee symbol was mistakenly swapped for the US dollar sign.
The Costliest Typo in University's History
The incident dates back to June 15, 2023, when the centre intended to transfer a remuneration of Rs 20,000 to a Brazil-based journalist, Milan Sime Martinic, for delivering four online lectures. However, an employee at the SBI Tejaswini branch in Technopark, Thiruvananthapuram, erroneously processed the transaction as $20,000.
This single character swap translated into a massive financial discrepancy. The intended Rs 20,000 payment ballooned to approximately Rs 16.7 lakh at the time of transfer, leaving the university poorer by a whopping Rs 16.5 lakh. The funds were sent to the designated account of Kathleen Martinic, the lecturer's wife.
Failed Recovery Efforts and Unfolding Consequences
The centre reported the significant loss to the university authorities in 2024. Upon being notified, the university contacted the guest lecturer. Gireesh Kumar, the head of the Centre for Latin American Studies, stated that Martinic promised to return the excess amount but the money never materialized, despite his claims of having repaid it.
The situation took a turn for the worse when Milan Sime Martinic passed away a few months later, severely diminishing any remaining hope of recovering the funds. The money lost was part of a Rs 20 lakh grant sanctioned by the state government for a student exchange programme. Officials revealed that the transferred funds were subsequently moved to the account of a consulting group by Kathleen.
Formal Complaints and Bank's Admission
In response to the deadlock, the centre has filed a formal complaint with the banking ombudsman, though the issue remains unresolved. The State Bank of India has admitted to the mistake originating from its branch. In a twist, the bank has sought the university's assistance in urging the recipient to refund the excess amount received, a request that now seems nearly impossible to fulfill following the beneficiary's demise.
This expensive error underscores the critical need for stringent verification protocols in financial transactions, especially those involving foreign currency conversions. It also highlights the vulnerabilities in systems meant to handle public funds, leaving a premier educational institution to bear the brunt of a careless oversight.
