IMPS glitch: UCO Bank recovers Rs 649 crore out of Rs 820 crore, credited mistakenly to customers account
UCO bank customers get Rs 820 crore credit; CBI conducts searches at 13 locations
By: Pune Pulse
November 17, 2023
Pune: Rs 820 crores were credited in several accounts of ‘UCO’ Bank, a government bank. However, the bank realized that this money was credited by mistake. After admitting this mistake, the bank has now started withdrawing this amount from the concerned accounts.
As per further information, the amount was transferred to the accounts between November 10 to November 13 through the Immediate Payment Service (IMPS) system. However, the bank is yet to clarify whether the transfer of money between November 10 and 13 was due to a technical glitch, human error or some other reason.
The bank noticed that money from account holders of other banks was being deposited in the accounts of UCO Bank account holders under IMPS. Due to this, the money was suddenly deposited in the accounts even though the bank did not receive any prior notice of payment from other banks.
After realizing the whole situation, UCO Bank moved quickly and succeeded in recovering Rs 649 crore out of Rs 820 crore from the accounts. This amount is 79 per cent of the total amount.
The bank has given this information in a regulatory filing. It is also predicted that all this type of transfer of such an amount is due to hacking. Now, the bank is trying to recover the remaining Rs 171 crore.
Shreyas Vange
