UCO Bank, a public sector entity, announced on Thursday that it has managed to recover approximately Rs 649 crore out of Rs 820 crore. This amount, which constitutes about 79 per cent of the total, was "erroneously credited" to some customers due to a technical glitch in the Immediate Payment Service (IMPS). The bank has initiated necessary actions to recover the remaining amount of Rs 171 crore and has reported the matter to law enforcement agencies for further action, as stated in an exchange filing. From November 10 to 13, the bank noticed that due to a technical issue in IMPS, certain transactions initiated by account holders of other banks resulted in credit to UCO Bank account holders without actual receipt of money from these banks. Money is instantly transferred in the IMPS system from one account to another.
UCO Bank has stated that the financial impact, if any, due to this development is yet to be ascertained and the bank will endeavour to intimate the ascertainment. (Express Archives) Public sector UCO Bank on Thursday said it has been able to recover around Rs 649 crore out of Rs 820 crore, which is about 79 per cent of the amount “erroneously credited” to some customers due to a technical issue in the Immediate Payment Service (IMPS). “The bank has initiated requisite actions to recover the balance amount of Rs 171 crore and the matter has also been reported to the law enforcement agencies for necessary action,” it said in an exchange filing. During the period from November 10 to 13, the bank observed that due to technical issue in IMPS, certain transactions initiated by holders of other banks have resulted in credit to the account holders in UCO Bank without actual receipt of money from these banks, UCO bank said in another filing. Money is instantly transferred in the IMPS system from one account to another account. As a precautionary measure, the bank has taken the IMPS channel offline and is working closely with stakeholders to resolve the issue and restore the IMPS services at the earliest. The bank reiterates and assures that all other critical systems are operational and available. The bank continues to provide safe and secured services to customers. UCO Bank shares were trading 1 per cent lower at Rs 39.43 on the BSE on Thursday.
