Citibank’s “biggest banking mess”; now Indian IT firm, Wipro in the limelight

The report by Moneycontrol noted that the global banking major relies on the so-called “six-eyed” protocol for high-value transactions. To ensure additional precaution, at least three people must sign large sums of money to be transferred. In this case, two originated from India, working with Wipro Technologies.

As previously reported, Citibank mistakenly sold Revlon’s lenders for approximately US $ 900 million. At the top, Citibank also lost a US-based legal battle to recover money.

Wipro did not respond to Moneycontrol’s email queries.

In an emailed response to Moneycontrol, Citibank said, “As a result of the review conducted last year (2019), we are in the process of upgrading our lending operations platform. We take pride in the role we play as a global leader in financial services and recognize that an operational error of this nature is unacceptable. We have imposed significant, additional controls until the new system is operationalized. “

“While many lenders have recognized that the payment was made in error and several hundred million dollars have been returned so far, other lenders have either refused to return or are not committed to returning the money. Court orders. “Those funds have been frozen. We are confident that the law is in our favor and we will recover the outstanding funds,” the bank said in an email response.

In 2008, Wipro purchased City Technology Services, an India-based captive provider of IT services and solutions to Citigroup entities worldwide.

Again, in 2010, Wipro operated more Citibank and operated and managed Citi’s data center in Meerbsuch in Germany.