UCO Bank recovers 79% of wrongly credited amount after technical glitch

UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS).

By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing.

The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt.

It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI).

The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding, the matter has also been reported to the law enforcement agencies for necessary action. Uco Bank shares dropped by 1.1 per cent to Rs 39.39 on BSE in afternoon trade.