UCO Bank says 79% amount recovered from accounts

UCO Bank IMPS issue: Bank says 79% amount recovered from recipients’ accounts

ET Online


UCO Bank has reported blocking recipients’ accounts and successfully recovering approximately Rs 649 crores out of Rs 820 crores, constituting 79% of the total amount. This action was taken after the bank temporarily disabled its IMPS (Immediate Payment Service) channel due to a technical issue on Wednesday.

UCO BankETMarkets.com

State-owned UCO Bank on Thursday said the bank has blocked the recipients’ accounts and has been able to retain and recover around Rs 649 crores out of Rs 820 crores which is about 79 per cent of the amount.

The bank further said that it has initiated necessary actions to recover the balance amount of Rs 171 crore.

This comes after the bank of Wednesday temporarily disabled its IMPS (Immediate Payment Service channel) services due to a technical issue.

This step was taken as a precaution after transactions from holders of other banks led to the crediting of UCO Bank account holders without the actual receipt of money from those banks.

The bank is working closely with the stakeholders to resolve the issue and restore the IMPS services at the earliest, the bank said in a statement.

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

The Bank reiterated that all other critical systems are operational and available.

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