UCO Bank Recovers 79% Of Funds Affected By IMPS Glitch, Takes Steps To Reclaim Remaining Amount
The Bank has initiated requisite actions to recover the balance amount of Rs 171 crore. The matter has also been reported to the law enforcement agencies for necessary action, the company announced through an exchange filing.
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UCO Bank faced a technical disruption linked to the Immediate Payment Service (IMPS) on November 15. In response, the bank has provided additional details concerning the process for recovering the funds belonging to its account holders.
In an exchange filing made on Thursday, November 16, UCO Bank disclosed that it has taken proactive steps and the Bank has blocked the recipients' accounts, and has been able to retain and recover Rs 649 crore out of Rs 820 crore which is about 79 percent of the amount initiated requisite actions to recover the matter has also been reported action.
The Bank has initiated requisite actions to recover the balance amount of Rs 171 crore. The matter has also been reported to the law enforcement agencies for necessary action, the company announced through an exchange filing.
UCO Bank shares
The shares of UCO Bank on Thursday at 10:49 am IST were trading at Rs 39.40, down by 1.01 percent.
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