UCO Bank has made the IMPS money transfer option offline after a technical glitch caused some transactions initiated by holders of other banks and credit to the Uco Bank account holders without actual receipt of money from these banks.
The bringing down of the Immediate Payment Service (IMPS), an instant interbank electronic fund transfer service, is a precautionary measure, the bank said in an exchange filing on November 15.
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.
Bank in its clarification further added that transactions observed by the Bank were due to internal technical issues as a result of which certain account holders of our bank have received some erroneous credits via IMPS.
“We wish to clarify that there was no issue with the IMPS platform,” the lender said in a statement.
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