Kolkata-based lender UCO Bank has recovered over 80% of the money that was erroneously transferred into its customers’ accounts without any actual money being received from the remitter banks following a technical glitch.
In a statement to the exchanges, UCO Bank clarified that, “by taking various proactive steps, bank blocked the recipients’ accounts and has been able to retain and recover around ₹649 crore out of 820 crore which is about 79% of the amount. The bank has initiated requisite actions to recover the balance amount of ₹171 crore.”
The bank added that this matter has also been reported to the law enforcement agencies for necessary action.
CNBC-TV18 has learnt that since the time of publishing this clarification, the bank has been able to further recover another ₹9 crore, taking the total recovery to ₹658 crore, or over 80% of the amount so far.
“Our bank officers have been working day and night to stop these erroneous transactions. Most of these took place on the night of Diwali (November 12) and early next morning (November 13), during bank holidays, and since then the officers have been working to block erroneous transactions, send out notices to customers about the money being wrongfully credited, asking them to return the sum. Some customers promptly responded, but some have already used the money wither to buy things or transferred to other accounts, and we are following up with such customers,” said an official involved in the matter who did not wish to be named.
How the money got wrongly credited
As a precautionary measure, UCO Bank said it has made the IMPS channel offline and is working closely with stakeholders to resolve the issue and restore the IMPS services at the earliest.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
