May 20, 2025 04:08 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Russia, Ukraine will immediately start negotiations for ceasefire': Donald Trump after call with Putin | 'Jill and I have learned that we are strongest in the broken places': Joe Biden on cancer diagnosis | Rahul Gandhi targets Jaishankar over Op. Sindoor again, BJP says LoP speaking Pak language | Supreme Court orders SIT probe into Madhya Pradesh minister's remarks on Colonel Sofiya Qureshi | Bengaluru: Woman killed after wall collapses on her after heavy rainfall | Pak forces targeted Golden Temple after India conducted Operation Sindoor: Army | YouTuber Jyoti Malhotra, arrested for 'espionage', travelled to Pakistan ahead of Pahalgam attack | Centre picks Shashi Tharoor to head all-party delegation for 'exposing' Pak-backed terrorism globally | Rape convict, survivor express willingness to get married; exchange flowers in Supreme Court | 'Are nukes safe with irresponsible and rogue nation like Pakistan?': Rajnath Singh questions world

Citibank mistakenly transfers $81 trillion to customer instead of $280, transaction within hours

| @indiablooms | Feb 28, 2025, at 11:09 pm

Citibank mistakenly transferred $81 trillion (over Rs 7,000 lakh crore) to a client instead of $280 (approximately Rs 24,500) in April last year, Financial Times reported. The error was corrected within hours.

The oversight involved two employees who failed to notice the incorrect transaction.

A third employee detected the mistake about 90 minutes after it was processed.

Citibank classified the incident as a “near miss” and reported it to the US Federal Reserve and the Office of the Comptroller of the Currency, according to the report. No funds actually left the bank.

A Citigroup spokesperson told Bloomberg that such a transaction “could not actually have been executed.”

They explained that Citi’s internal controls quickly identified the error between two ledger accounts, allowing the bank to reverse the entry.

“Our preventative controls would have also stopped any funds leaving the bank,” the spokesperson added, clarifying that neither the client nor the bank was affected.

According to Financial Times, Citi recorded 10 near misses of $1 billion or more in 2023—down from 13 the previous year.

The report noted that such large-scale errors remain rare across the US banking industry.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu