In a statement, SBI said its officials were ferrying Rs 570 crore

news TN2016 Saturday, May 14, 2016 - 22:07

After election officers seized Rs 570 crore in cash from three containers in poll-bound Tamil Nadu in the wee hours today, State Bank of India said this evening that it was the bank's legitimate cash.

In a statement, SBI said its officials were ferrying Rs 570 crore after the RBI asked them to, to address a temporary cash shortage in Andhra Pradesh.

"To address a temporary cash shortage in Andhra Pradesh, the RBI has authorised transfer of Rs 570 crore from our currency chest in Coimbatore main branch to our special currency administration branch in Visakhapatnam.

"As per RBI instructions, our Coimbatore main branch released the treasure to the authorised SBI personnel, duly escorted by a team of Andhra police. But the convoy carrying the cash was stopped by the EC officials enroute and brought to Tiruppur collectorate for further scrutiny," the SBI statement said and termed the EC action as "erroneous."

The bank said its officials in Chennai, Coimbatore and Tirupur are providing all support and clarifications to the EC authorities and are hopeful of quick resolution and release of cash.

"We reiterate once again this movement of currency is duly authorised by the Reserve Bank and has all necessary approvals. The movement is in line with the RBI currency management policy of moving cash from one currency chest to other where cash is needed," SBI said.

In the wee hours today the EC officials took into its custody three trucks carrying Rs 570 crore during a routine check at the Perumanallur-Kunnathur Bypass in Tirupur district in the run-up to the polls.

Tamil Nadu and the neighbouring Kerala and Puducherry are going to polls on Monday and through the campaign period, the EC has confiscated more than hundred crore in cash at various places in Tamil Nadu

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.