Some account holders in UCO Bank were surprised when suddenly crores of rupees were deposited in their bank accounts. Actually this happened due to the mistake of the bank. Due to the bank's mistake, Rs 820 crore was deposited in some bank accounts through instant payment service. As soon as the bank realized its mistake, it started the process of withdrawing the money. Till now the bank has recovered Rs 649 crore.
The reason for the mistake is not clear
The bank has not yet clarified how such a huge amount was suddenly transferred to the accounts, was it due to human error or due to technical glitch or hacking? The bank says that out of the transferred amount, 79 percent amount i.e. Rs 649 crore has been returned. However, still about Rs 200 crores have not been recovered, the process of taking them back is going on. The impact of this incident is also big on the shares of UCO Bank. Shares of UCO Bank fell 1.1 percent to Rs 39.39 on Thursday. The bank has informed the investigating agencies about the incident.
Reserve Bank also engaged in investigation
The bank said that there was an internal disturbance in its instant payment service from November 10 to November 13, after which the bank took its instant payment service channel offline. The bank has informed BSE about the incident and said that as a precautionary measure, the bank has blocked the accounts to which money was transferred by mistake. The Reserve Bank is also investigating the reason for this error at its own level. UCO Bank has said that all its other critical systems are operational. Let us tell you that the Immediate Payment Service (IMPS) platform is operated by the National Payments Corporation of India (NPCI).