Uco Bank says account holders have received ‘erroneous credits’ on payment system due to technical issue

Posted on by

State-run Uco Bank has said some of its account holders had received “erroneous credits” via its Immediate Payment Service (IMPS) as a result of an internal technical issue.

IMPS is an interbank electronic fund transfer service that allows account holders to send and receive money instantly on their mobile phones or by using internet banking facilities.

In a stock exchange filing, the Kolkata-based lender said between November 10-13 certain transactions initiated by account holders of other banks had resulted in credit to Uco Bank account holders without actual receipt of money, due to an internal technical issue.

“We wish to clarify that there was an issue with the IMPS platform,” the bank said.

Uco Bank has made the IMPS channel offline as a precautionary measure and is working closely with stakeholders to resolve the issue and restore IMPS services at the earliest.

“The matter has also been reported to the law enforcement agencies for necessary action,” the lender said.

Uco Bank earlier this month reported a 20.38 per cent year-on-year decline in second quarter net profit at Rs 401.67 crore, and a more than 17 per cent y-o-y drop in operating profit during the period. The lender’s net profit for the second quarter last fiscal stood at Rs 504.52 crore.