UCO Bank Recovers 79% of Erroneously Credited Funds Post Technical Glitch

UCO Bank announced on Thursday that it has successfully retained or recovered Rs 649 crore, equivalent to 79 per cent of the amount mistakenly credited to certain accounts via the Immediate Payment Service (IMPS). Through proactive measures, the bank took swift action by blocking the recipients’ accounts, resulting in the recovery of Rs 649 crore out of the total Rs 820 crore, marking a significant 79 per cent retrieval. The bank, however, has not clarified whether the technical glitch was a result of human error or a potential hacking attempt.

It is essential to note that the IMPS platform is operated by the National Payments Corporation of India (NPCI). UCO Bank has already taken the necessary steps to recover the remaining balance of Rs 171 crore. The incident has been reported to law enforcement agencies for further action. In response to this development, UCO Bank shares experienced a 1.1 per cent drop, trading at Rs 39.39 on the BSE during afternoon trade.