(MENAFN- Live Mint) It was an ordinary weekend for Prabhakar S., who runs a small coffee shop at the Indian Institute of Management-Bangalore, until a surreal discovery turned his life upside down. Checking his wife's savings account with the Central bank of India, he was stunned to find a staggering ₹999 crore deposited-an amount beyond his wildest imagination.
But what initially seemed like a dream soon became a nightmare as his account was frozen, and the funds were whisked away within 48 hours.
Prabhakar's shock turned into frustration when he realized he couldn't carry out basic transactions.“The amount which was credited wrongly was something like ₹999 crore. And then they froze the account,” he recalled.
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“And then, instead of helping, they are asking me details like, where is your house, where are you? I don't know what actually happened. All I know is that I can't make any transactions now.”
With his business at a standstill, Prabhakar's frustration deepened. Monday came, and his attempts to make payments failed. Visiting the bank in person proved fruitless, as he was met with indifference.“They're useless,” he said bluntly.“They have not even given any notice or date when I will be able to transact again.”
Running a small coffee shop, Prabhakar relies on daily transactions to keep things going, but his hands were tied.“I told them, whatever you do, you have to release the amount. I have to pay some vendors. But they don't seem to be responsible for anything.”
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With no resolution in sight, Prabhakar and his son sent emails to the Central Bank of India seeking an explanation, yet the silence from the bank continued.“I am yet to receive a reply from them,” he said, frustration seeping through his words.
While the Central Bank of India has yet to respond to Mint's inquiries, financial experts have weighed in on the situation.
Harshad Chetanwala, co-founder of MyWealthGrowth, noted that such large sums are likely the result of a mistake that demands a careful probe.“There will be some investigation for such a big amount,” Chetanwala said. He recommended Prabhakar escalate the issue to the Reserve Bank of India (RBI) if the bank doesn't act swiftly.“Raise a complaint with the RBI and follow the matrix.”
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For now, Prabhakar waits-his actual balance visible but inaccessible-caught in the limbo of a banking error that has yet to be resolved. He remains hopeful the bank will soon step up and correct the mishap that has upended his life.
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