Rs 400000000 cash carried in open van..Banks deny security lapse

Nalgonda, May 11: In a shocking incident, Rs 40 crore of public money was transported in an open trolley with just three guards escoring the hired vehicle. The banks involved were State Bank of India and Andhra Pradesh Grameena Vikas Bank (APGVB), a bank sponsored by the SBI. This was not only a security lapse but a major violation of the banking procedures.

Bundles of fresh and crisp currency notes with a total value of Rs 40 crore were loaded on an open trolley by SBI and were to APGVB, a kilometre away. Just 3 Armed Reserve Police constables escorted the cash. The cash kept at the SBI's chest was meant to be distributed under the Telangana's recently launched Rythu Bandhu scheme on Thursday.  The cash was to be supplied to five banks selected for distribution of cash in the district.

APGVB Bank Manager clarified that that the bank does not have a cash van of its own and the vehicle was hired so that the distribution was not delayed.
SBI chief manager BP Shiva Kumar too denied any lapse. “When such large amounts are transported, cash security van is not required as long as armed guards are present,” SBI Chief Manager was quoted as saying by The Hindu.
Meanwhile, the police is said to have issued explaination notice to the banks for the security lapse.