In an apparent major security lapse and breach of banking procedures, the State Bank of India, the country’s largest bank and its sponsored bank — Andhra Pradesh Grameena Vikas Bank (APGVB) — transported crores of money in an open trolley on Thursday.
Uncovered fresh currency packed in bundles, totalling about ₹40 crore were loaded on a hired trolley and was being transported to APGVB, less than a kilometre away, with three constables of the Armed Reserve Police escorting it, according to the police.
In view of the launching of the Rythu Bandhu scheme on Thursday, large quantities of cash was reportedly kept with SBI’s R.P Road main branch at the town’s Clock Tower Centre.
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All the five banks selected for distribution of cash in the district were being supplied from SBI’s money chest. According to APGVB branch manager B. Madhu, the bank never had a cash van.
They used a cash van only when large sums were brought from Hyderabad. “We didn’t want to delay the distribution, hence speeded up the process,” he added.
SBI chief manager B.P. Shiva Kumar said his officials ensured that escort security personnel were present before the cash was handed over. “When such large amounts are transported, cash security van is not required as long as armed guards are present,” he said.
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Town’s Circle Inspector Basha opined that the three armed constables were not sufficient, as the contingent risk was too high. An explanation notice was being readied to be served on the bank authorities, he said.