Technical snag hits UCO Bank's IMPS; impact yet to be ascertained

Kolkata-based UCO Bank on Wednesday said its Immediate Payment Service (IMPS) was hit by a technical snag from November 10, 2023 to November 13, 2023. As a result, certain transactions of customers of other banks resulted in credit to UCO Bank leaving the account holders without actual receipt of money from these banking entities.

As a precautionary measure, the bank has made the IMPS channel offline. The financial impact, if any, due to the aforesaid is yet to be ascertained, the public sector lender said in a filing with BSE.

The bank was working closely with the 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.

The lender said all other critical systems are operational and available and it continues to provide safe and secure services to customers.