Termite invasion on currency notes: Bank mgmt found guilty

Termite invasion on currency notes: Bank mgmt found guilty

"The branch management has been found guilty of laxity due to which over Rs one crore currency notes were damaged by termites in Fatehpur branch of Barabanki district. The inquiry into the matter is complete," Chief General Manager, SBI, Abhay Singh told PTI.
Action will be taken against those responsible in the matter, he said.

"At it was the Bank's fault, it will bear the loss caused due to termites eating up the currency notes and there will be no loss to the public", Singh said.

Asked about the condition of the notes, Singh said there were a majority of notes whose numbers were intact and they could be replaced by the Reserve Bank of India (RBI).

Bank officials had on April 19 found that termites had damaged currency notes kept in the strong room.

Taking serious note of the incident, Singh said directives have been issued to all branches that currency kept in strong rooms be checked once in two months and necessary action be taken, if needed.

Sources said that during inquiry by a team of district administration, the Fatehpur branch management could not show any records of the strong room being cleaned.

SBI AGM Geeta Tripathi, who headed the inquiry team, said that after the visit to the branch, it prima facie appeared that the notes in the currency chest had been damaged by termites as the branch was housed in a very old building ridden by termites.

"It was earlier brought to the notice of the management that termites were damaging files and furniture. Efforts are on to relocate the bank at some other place", she said.