“UCO Bank Recovers 79% of Rs 820 Crore After IMPS Glitch; Pursues Remaining Balance”


UCO Bank reports substantial progress in recovering 79% of the Rs 820 crore erroneously transferred due to an IMPS glitch. The bank remains committed to retrieving the remaining sum while collaborating with authorities, signaling efforts to resolve the issue and restore IMPS services.

"UCO Bank Details Recovery Efforts Following Rs 820 Crore IMPS Glitch"
"UCO Bank Details Recovery Efforts Following Rs 820 Crore IMPS Glitch"

UCO Bank, in a recent regulatory filing, revealed significant progress in the aftermath of the technical glitch affecting the Immediate Payment Service (IMPS). The bank stated that it has successfully recovered 79% of the erroneous Rs 820 crore fund transfer and initiated measures to retrieve the remaining Rs 171 crore.

The regulatory disclosure on November 16 highlighted the proactive steps taken by UCO Bank, which resulted in the retention and recovery of Rs 649 crore from the total erroneous transfer amount. The bank affirmed its commitment to recovering the outstanding sum and reported the matter to law enforcement agencies for necessary action.

This update follows a recent incident where UCO Bank encountered a technical snag in its IMPS facility on November 15, leading to incorrect crediting of funds initiated by customers of other banks. Consequently, accounts were credited without the corresponding actual receipt of funds from these banks.

The bank swiftly reacted by temporarily disabling the IMPS money transfer option, recognizing the discrepancies noticed from November 10 to 13. UCO Bank remains actively engaged with stakeholders to resolve the issue and is diligently working to reinstate IMPS services promptly.

In parallel, UCO Bank’s shares on November 16 experienced a marginal decline of 0.40%, opening at Rs 39.67 apiece on the Bombay Stock Exchange (BSE) compared to the previous day’s close.

Sources By Agncies

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