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Expensive Bite

By LIFS May 12, 2011 at 1:05 PM
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Termites at an Indian bank gobbled up nearly Rs 10 million ($225,000) in paper currency held in a strongroom.

 
“The branch management has been found guilty of laxity due to which the notes were damaged by termites in the Fatehpur branch of Barabanki district,” State Bank of India Chief General Manager Abhay Singh told the press.

The bank is assuming the loss and plans to relocate the branch.

 

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Business | Magazine | May 2011

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