UCO Bank erroneously credits account holders with Rs. 820 cr, recovers Rs. 649 cr.
UCO Bank reported that it has been able to retrieve approximately Rs 649 crore out of Rs 820 crore, or roughly 79% of the money that was “erroneously credited” to certain customers as a result of an Immediate Payment Service (IMPS) technical issue.
“The bank has reported the matter to the law enforcement agencies for necessary action and has initiated the requisite actions to recover the balance amount of Rs 171 crore,” the bank stated in an exchange filing.
In another filing, UCO Bank stated that it observed that, between November 10 and November 13, certain transactions initiated by holders of other banks resulted in credit to the account holders of UCO Bank without any actual money being received from these banks due to a technical issue in IMPS. Through the IMPS system, money can be moved instantly between accounts.
