The cash belonging to SBI was being transported to Andhra Pradesh to address a temporary cash shortage there when it was seized by election commission officials in Tirupur.
The State Bank of India on Saturday said its official cash vans carrying a consignment of Rs 570 crore from Tamil Nadu to Andhra Pradesh were erroneously seized in Tamil Nadu by the poll panel.
In a statement, it said that the cash belonged to the SBI and was being transported to Andhra Pradesh to address a temporary cash shortage there.
The Reserve Bank Of India, as per its currency management policy, authorized the transfer of Rs 570 crore from its currency chest at SBI Coimbatore Main Branch to SBI Special Currency Administration Branch, Visakhapatnam, the bank said.
As per RBI rules, the Coimbatore Main Branch released the consignment to the authorized SBI personnel duly escorted by a team of Andhra Pradesh Police, it said, adding that the convoy carrying the cash was stopped in Tirupur in Tamil Nadu and taken to the collectorate for investigations.
The SBI said its officials in Chennai, Coimbatore and Tirupur are providing all support and clarifications to the authorities and are hopeful of quick resolution of the matter and release of the cash.