A simple clerical error at a State Bank of India branch has resulted in a massive financial loss for Kerala University, turning a routine international payment into what officials are calling the costliest typo in the institution's recent history.
The Costly Swap: Dollar Sign Replaces Rupee Symbol
The blunder occurred on June 15, 2023, when the Centre for Latin American Studies at Kerala University initiated a funds transfer. The intended payment was a remuneration of Rs 20,000 to a Brazil-based journalist, Milan Sime Martinic, for delivering four online lectures in 2023. However, an employee at the SBI Tejaswini branch in Technopark, Thiruvananthapuram, mistakenly entered the amount as $20,000 instead of ₹20,000.
This single character swap had devastating financial consequences. The difference between the intended fee and the amount actually transferred left the university poorer by a staggering Rs 16.5 lakh. The funds were sent to the designated account of Kathleen Martinic, the wife of the guest lecturer.
Failed Recovery and Unfortunate Circumstances
The centre reported the significant loss to the university authorities in 2024. Upon discovery, the university immediately wrote to the guest lecturer, Milan Sime Martinic, seeking a refund of the excess amount. Gireesh Kumar, the head of the Centre for Latin American Studies, stated that Martinic initially promised to return the money.
"Martinic promised to credit the excess amount back to the university account. However, the money never reached us, though he claimed to have repaid it," Kumar told the Times of India. The situation took a tragic turn when Martinic died a few months later, severely diminishing any remaining hope of recovering the funds.
Official Complaints and Admission of Error
The funds used for the erroneous transfer were part of a Rs 20 lakh grant sanctioned by the state government for a student exchange programme. After the payment was made, Kathleen Martinic transferred the funds to the account of a consulting group.
Facing a dead end, the centre has since filed a formal complaint with the banking ombudsman, but the issue remains unresolved. The State Bank of India has admitted its mistake. In a twist, the bank has sought the university's assistance in urging the recipient to refund the amount, even as the university struggles to reclaim its own lost money.
This incident highlights the severe repercussions of seemingly minor errors in financial transactions and the complex challenges institutions face in recovering funds sent internationally due to clerical negligence.
