Account credited with astronomical amount; is this India's biggest banking glitch ever?

Dubai: A captivating and bewildering story has been making rounds on social media platforms in India, claiming a young man in Noida became a temporary trillionaire or perhaps something much, much more overnight. The story, which quickly went viral, alleged that an incomprehensibly large sum of money was mistakenly credited to his late mother's savings account at Kotak Mahindra Bank. A screenshot, which was widely shared, showed a 37-digit number, a figure so astronomical it would be difficult for most people to even comprehend.

The number, reported as 'Rs100,13,56,00,00,00,00,00,00,01,00,23,56,00,00,00,00,299,' was described in various reports as being deposited into the account of a 20-year-old man. The man, according to these circulating tales, had gone to the bank to check on his late mother's account and was stunned to see the monumental balance. Different versions of the story emerged, each adding a new layer to the already unbelievable narrative. Some claimed the account was immediately frozen, while others suggested that the Income Tax Department had been alerted to the massive and mysterious transaction. The sheer scale of the alleged amount sometimes referred to as a 'septillion trillion'captured the public's imagination, turning a simple bank account inquiry into a fantastical tale of accidental wealth.

The stories painted a picture of a young man suddenly thrust into a bizarre financial situation. One version of the story even claimed the bank's systems had suffered a technical glitch, leading to the massive and erroneous credit. This explanation, while seemingly plausible to some, fueled further speculation about the bank's security and stability. The public was left to wonder: Could a financial institution really make such a catastrophic error? And if so, what would be the implications for the individual and the banking system as a whole? The reports, however, were not based on any official statements or verifiable evidence, relying instead on a single, unverified screenshot that spread like wildfire across the internet. This lack of official confirmation didn't stop the story from gaining traction, as people were more than willing to believe in a narrative of a common person's life being turned upside down by an extraordinary event.

After a period of widespread speculation and media coverage, Kotak Mahindra Bank officially stepped forward to address the swirling rumors. The private lender, in a series of clear and unequivocal statements, trashed the reports as completely false and unfounded. The bank's response was aimed at quelling the growing anxiety among its customers and the general public, who were left questioning the security of their own finances.

In a formal statement, Kotak Mahindra Bank asserted that no such transaction had taken place. "Multiple Indian media reports suggesting an unusually large balance in a customer’s account are incorrect," the bank's statement read. It confirmed that its systems were functioning normally and there was no technical fault or 'glitch' that could have caused such a credit. The bank's systems are secure, and all customer account information is safe, it reiterated. By refuting the technical glitch theory, the bank directly challenged one of the central claims of the viral story.

The bank also used this opportunity to advise its customers. It urged people to verify their account details exclusively through authorised channels, such as the Kotak mobile app or internet banking services. This advice was a direct response to the spread of unverified screenshots and social media reports, which the bank said were the root of the unwarranted anxiety. It advised customers against propagating unverified information and emphasized that relying on screenshots or social media for financial updates could lead to unnecessary panic and misinformation. While the bank declined to comment on the identity of the person involved or the specific branch, it was firm in its stance that the reports were inaccurate and lacked any basis in existing records. The official statement concluded by encouraging customers to use the bank's own platforms for accurate information: "In light of these reports, we encourage customers to check their account details using Kotak's mobile banking app or net banking platforms."