UCO Bank yet to recover over Rs 100 crore in the IMPS case, says government

Karad further added that a meeting was convened by the Department of Financial Services on November 28 to discuss issues related to cyber security in the financial services sector and increasing incidents of recent online financial frauds.

Representatives from various ministries/departments, Reserve Bank of India (RBI), Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), Indian Cyber Crime Coordination Centre, the National Payments Corporation of India (NPCI) and banks attended the meeting.

"The meeting took stock of the preparedness of the banks and other financial institutions in tackling the challenges arising from cyber security in the financial services sector, increasing trend of digital payment frauds, and deliberated on a focused approach to mitigate such cyber-attacks and frauds," Karad.

On November 15, UCO Bank took the IMPS money transfer option offline after a technical glitch caused valid transfers initiated by customers of other banks to be rejected. A senior official told Moneycontrol that errors occurred when customers of 6-7 banks initiated transfers to UCO Bank customers, due to which UCO Bank’s system sent a “transaction failed” message to the remitter banks and credited the money back to them, while also crediting the money to the intended recipient.