Termites feast on Rs1-crore notes in SBI branch in UP!

23 Apr 2011

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It can only happen in India. Money-hungry termites feasted on currency notes worth around Rs1 crore at a strong room in a State Bank of India branch in Uttar Pradesh.

The loss, at the Barabanki district of Uttar Pradesh, was brought to light after a new manager took charge at the branch, reports said, adding that local officials had earlier only sought to cover up the loss.

Bank officials say the notes kept in a 'currency chest' at the branch was found to have been reduced to dust. They also claim that the old building has been infested with termites all along. They are, however, at a loss to describe how it happened.

Police and senior SBI officials, who visited the branch, however, do not rule out foul play. They also fear the actual loss could far exceed the Rs1 crore for a currency chest normally holds up to Rs50 crore in rupee notes.

"We have been trying our best to keep currency notes safe but the termite problem here is so enormous that it would be better to move the branch elsewhere," Sunil Dwivedi, the branch manager, was quoted as saying.

RBI is reported to be reissuing those termite-eaten notes whose numbers are intact." Those notes in which the numbers are intact, will be replicated by the RBI while the fate of those which have been mutilated beyond repair will be adjudicated once the investigation is complete," the Financial Express quoted an RBI official as saying.

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