In a regulatory filing, the bank said that by taking various proactive steps, it blocked the recipients’ accounts and has been able to recover ₹649 crore out of ₹820 crore. 

The bank has initiated requisite actions to recover the balance amount of ₹171 crore, it added.

On Wednesday, UCO Bank said that it faced some technical issues due to which some accounts received erroneous credits.

“It is clarified that the transactions oBSErved by bank were due to internal technical issue as a result of which account holders of our bank have received some erroneous via IMPS. We wish to clarify that there was no issue with the IMPS platform,” it had said.

The lender has clarified whether this technical glitch was due to human error or a hacking attempt. 

The IMPS platform, a real-time inter-bank electronic funds transfer system, is operated by National Payments Corporation of India (NPCI).

The matter has also been reported to the law enforcement agencies for necessary action, the state-owned bank said.

It said that during November 10-13, the bank had observed, due to technical issue in IMPS, certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in UCO Bank without actual receipt of money from these banks.

“The bank re-iterates and assures that all other critical systems are operational and available. The bank continues to provide safe and secured services to customers,” it said on Wednesday.

UCO Bank had reported a 20% decline in its net profit to ₹402 crore for the quarter ended September 2023 as compared to ₹505 crore in the corresponding quarter a year ago.

Shares of UCO Bank closed at ₹39.22 per unit, down 1.53% on the BSE.

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Updated: 16 Nov 2023, 06:28 PM IST