Following a technical glitch over the Immediate Payment Service (IMPS), an instant interbank electronic fund transfer service, option on November 15, UCO Bank issued further clarification over recovery of account holders' amount.
In a regulatory filing on November 16, the lender said that by taking various proactive steps, "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 added that the bank has initiated requisite actions to recover the balance amount of Rs 171 crore.
"The matter has also been reported to the law enforcement agencies for necessary action," it added.
A day before, UCO Bank made the IMPS money transfer option offline after a technical glitch caused some transactions initiated by holders of other banks and credit to the account holders without actual receipt of money from these banks.
The discrepancies were noticed during the period from November 10 to 13. "We are working closely with the stakeholders to resolve the issue and restore the IMPS services at the earliest. The matter has also been reported to the law enforcement agencies for necessary action," said the lender.
Meanwhile, on November 16, UCO Bank shares opened 0.40 percent lower at Rs 39.67 apiece on BSE against its previous close.
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