UCO Bank makes IMPS channel offline after technical glitch in transactions. Details here

State-owned UCO Bank has reported a technical glitch in some Immediate Payment Service(IMPS) transactions due to which transactions done by account holders of other banks came into account holders of the bank. 

“During the period from 10.11.2023 to 13.11.2023, technical issue in Immediate Payment Service(IMPS), certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in our Bank without actual receipt of money from these banks,” UCO Bank informed in an exchange filing on Wednesday ( 15 November)

The bank says it is taking a precautionary measure, it has made the IMPS channel offline & is closely following up with stakeholders to resolve the issue and restore the IMPS services at the earliest. 

The matter has also been reported to the law enforcement agencies for necessary action, it added.

The Bank re-iterates and assures that all other critical systems are operational and available. The Bank continues to provide safe and secure services to customers. 

The Kolkata-headquartered lender said that the financial impact, if any, due to the aforesaid is yet to be ascertained and the Bank will endeavour to ascertainment.

What is Immediate Payment Service (IMPS)?

IMPS of National Payments Corporation of India (NPCI) is an important payment system providing a 24×7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.

UCO Bank stock price went up today, 15 Nov 2023, by 0.23 %. The stock closed at 39.56 per share. The stock is currently trading at 39.65 per share, down 0.13% on NSE.

On November 3, UCO Bank reported a 20 per cent decline in its net profit to 402 crore for the quarter ended September 2023. The bank had reported a net profit of 505 crore in the corresponding quarter a year ago.





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Updated: 15 Nov 2023, 10:50 AM IST

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