Source:SBI
Tag: sbi
A WOMAN earning Rs 3,000 per month became the richest person in the world due to a technical error. However, Urmila Yadav’s happiness was shortlived as the bank froze her account till further notification.
During a visit to her State Bank of India branch in Kanpur on July 24, she was informed by a clerk that Rs 95,700 crore had been transferred to her account on July 21. Panic struck bank officials as the news spread.
Her happiness was short lived as her account has been frozen till further notification. A native of a small village of Kanpur district, Urmila went to the UPSIDC branch of the State Bank of India on July 24 to get her pass book updated.
She had Rs.3000 in her account and after getting her account updated, she could not read the amount.”It was a 17 digit amount and failing to read it, I again went to the clerk and he informed me that I have Rs 95,700 Crore in my account”, a bewildered Urmila said.
The amount deposited by the bank in her account was estimated to be Rs 95,711,69,86,47,130.14.
The amount was credited in her account on July 21. “I was also informed by the bank that since I have not filed my KYC(Know your customer), my withdrawal limit has been fixed to Rs.9.99 Lakhs”, she said.
It is to be mentioned that Urmila’s riches’ were more than those of Bill Gates, Mukesh Ambaniand Laxmi Niwas Mittal brought together.However, as the news spread, panic struck senior bank officials who started finding out the error.
“The main server of the bank is in Mumbai and it is a technical error. We have informed the matter to the head office and the amount will soon be reverted”, Rajendra Awasthi, a senior official of the bank said.
-from Yahoo India
(Disclosure:I am market making in the shares of ICICI Lombard)
India’s largest mortgage lender State Bank of India (SBI) has decided to lower its stakes in its general insurance joint venture to 51 percent and has decided to begin the process, the bank said on Thursday.
In a regulatory filing in BSE the bank said its executive committee of the central board (ECCB) on March 25 decided to initiate the necessary action as per the joint venture agreement for dilution of its stake in SBI General Insurance from 74 percent to 51 percent.
SBI said the other partner, Insurance Australia Group (IAG) of Australia would increase its holding in the general insurance company from 26 percent to 49 percent.
According to SBI, the process for diluting its holding in favour of IAG would begin as per the joint venture agreement which includes the appointment of valuer to estimate the enterprise value and the price discovery.
The bank’s decision comes in the wake of Indian parliament passing amending the insurance laws to allow foreign direct investment (FDI) up to 49 percent subject to the condition that the management control remains with Indians.-from Money Life
This post is in continuation of my 5 Stocks Series (see here)
5 Sensex stocks which give the highest yield are:
- BHEL 3.23%
- Infosys 1.63%
- TCS 1.59%
- SBI 1.55%
- ICICI Bank 1.55%