UCO Bank IMPS technical fault: Lender provides additional information, stating that 79% of the cash was recovered due to the error

16 Nov 2023 , 02:14 AM

UCO Bank clarified further on the recovery of account holders’ funds after a technical difficulty with the Immediate Payment Service (IMPS), an instant interbank electronic fund transfer option, on November 15.

As stated by the lender in a regulatory filing on November 16, through a series of proactive measures, ‘Bank recipients’ accounts and has been able to retain and recover Rs 649 crore out of Rs 820 crore which is about 79 percent of the amount initiated requisite actions to recover the matter has also been reported action.’

It further stated that the bank has started taking the necessary steps to get the remaining Rs 171 crore.

‘The matter has also been reported to the law enforcement agencies for necessary action,’ it continued.

The IMPS money transfer function was taken offline by UCO Bank the day before due to a technical issue that resulted in some transactions initiated by other bank account holders being credited to their accounts without any actual money being received from other banks.

The disparities were observed between November 10 and November 13. ‘To fix the problem and get the IMPS services back up as soon as possible, we are collaborating closely with the stakeholders. In order to take the appropriate measures, the lender also reported the issue to the law enforcement authorities ‘.

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