UCO Bank shares up amid bank clarification on erroneous credits via IMPS

Shares of UCO Bank were trading higher in Wednesday’s trade amid the bank’s clarification on erroneous credits via Immediate Payment Service (IMPS).

The bank said there was internal technical issue due to which some account holders’ accounts saw credits initiated by holders of other banks via its IMPS without actual receipt of money from these banks. The PSU bank said there was no issue with the IMPS platform.

The bank said it, as a precautionary measure, was working closely with the stakeholders to resolve the issue and restore the IMPS services at the earliest. It said the matter has also been reported to the law enforcement agencies for necessary action. The UCO stock was trading 2.12 per cent higher at Rs 40.40 on BSE.

“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,” UCO Bank said.

UCO Bank said, the financial impact, if any, due to the aforesaid is yet to be ascertained and that the PSU bank would endeavour to intimate the same on ascertainment.

“It is clarified Bank were due to internal technical issue as a result of account holders of our bank have received some erroneous credits via IMPS. We wish to clarify that there was no issue with the IMPS platform. The PSU bank, as a precautionary measure has made the IMPS channel offline working closely with the stakeholders to resolve the issue and restore the IMPS,” it said.

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