Home > News > Hyderabad: Kotak Mahindra Bank ATM Dispensed Rs 500 instead of Rs 100 notes, Loss of Rs 8 Lakhs

Hyderabad: Kotak Mahindra Bank ATM Dispensed Rs 500 instead of Rs 100 notes, Loss of Rs 8 Lakhs

Hyderabad Kotak Mahindra Bank: Due to a technical error at the Rajiv Gandhi International Airport located in Shamshabad, the ATM gave more money. Instead of Rs. 100 denomination notes the Kotak Mahindra Bank ATM disbursed Rs. 500 denomination new currency notes. People lined up in front of the erroneous ATM once they came to know about it.

In one hour’s time, the ATM disbursed 8 lakhs from the machine. On seeing the crowds the airport authorities soon informed the bank officials about the glitch. By the time the bank employees rushed to the spot and shut down the ATM temporarily it was around 9 pm. However, the bank said they will recover the amount by contacting the customer’s banks.

Kotak Mahindra Bank ATM Dispensed Rs 500 instead of Rs 100 notes, Loss of Rs 8 Lakhs

ATM disburses Rs. 500 New Notes instead of Rs. 100, loses Rs 8 lak

One of the air travelers withdrew Rs. 2500. He received one note for Rs. 2000 denomination and four Rs. 500 denomination notes. He should have actually got 4 Rs. 100 denomination notes. “He got Rs 4,500 instead of Rs 2,500 with the technical error in the machine. As the news spread over the airport, air travelers lined up at the ATM for withdrawals,” said an airport official. Another of Shamshabad’s bank branch said the outsourced maintenance ATM off-site agency committed the error. “They mistakenly kept Rs 500 denominations in the Rs 100 slot. We are verifying the matter and shall recover the excess amount withdrawn by customers as per the database after sharing it with the concerned customer’s bank,” said the official. Meanwhile, the ATM maintenance agency said that the engineers who recalibrated the machine made the mistake and they refused to take the blame.

MS Sukumar, the secretary of Federation of Bank Employees said, “The bank will raise debit with the account of the customer. The bank officials get the ‘General Print’ of transactions from the ATM maintenance agency. Based on the details of the bank customer, they inform other banks in cases where the customer is not from the home bank. They debit the amount from the customer’s account through ‘debit raise’. If the customer’s account is not having any balance, his account will show as minus balance with the debit.”

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