
Citibank's Shocking $81 Trillion Mistake Revealed
In a shocking blunder, Citibank mistakenly transferred a staggering $81 trillion (over ₹7,000 lakh crore) to a client instead of a mere $280 (around ₹24,500) in April last year. This error, flagged within 90 minutes by a vigilant employee, highlighted serious lapses in the bank’s internal controls. While the transaction was quickly reversed and no funds left the bank, Citibank reported this as a “near miss” to regulatory authorities. This incident is one of several near misses involving large sums, raising concerns about the bank's risk management practices, previously leading to hefty fines for similar errors.