UCO Bank says ₹820 crore erroneously credited to account holders, ₹649 crore recovered

UCO Bank said on Thursday that it has recovered 649 crore or 79% of the 820 crore erroneously credited to some account holders of the bank through the Immediate Payment Service (IMPS).

In a regulatory filing, the bank said that by taking various proactive steps, it blocked the receivers’ accounts and was able to recover them 649 crore out of it 820 crores.

The bank has initiated the necessary actions to determine the amount of the balance 171 crore, he added.

On Wednesday, UCO Bank said it was experiencing some technical issues due to which some accounts received erroneous credits.

“It has been clarified that the transactions observed by the bank were due to an internal technical issue and as a result account holders of our bank have received several errors through IMPS. We want to clarify that there was no problem with the IMPS platform,” he said.

The lender clarified whether this technical fault was caused by human error or a hacking attempt.

The IMPS platform, a real-time interbank electronic funds transfer system, is operated by the National Payments Corporation of India (NPCI).

The matter has also been reported to the law enforcement agencies for necessary action, the state-owned bank said.

He said that during November 10-13, the bank noticed that due to a technical issue in IMPS, certain transaction initiated by other bank holders had given credit to the account holders in UCO Bank without receiving money from these really. banks.

“The bank reiterates and confirms that all other critical systems are operational and available. The bank continues to provide safe and secure services to customers,” he said on Wednesday.

UCO Bank reported a 20% drop in its net profit to 402 crore for the quarter ended September 2023 as compared to 505 crore in the corresponding quarter a year ago.

Shares of UCO Bank closed at 39.22 per unit, down 1.53% on the BSE.

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Updated: 16 November 2023, 06:28 PM IST

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