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UCO Bank recovers Rs 705 crore mistakenly credited to thousands of accounts
Dec 22, 2023 03:50 pm

UCO Bank has recovered Rs 705.31 crore out of the Rs 820 crore that was mistakenly credited to numerous accounts in November, said Union Minister of State for Finance, Bhagwat Karad, The transfer of funds to 41,000 UCO Bank accounts was a consequence of a technical glitch in the bank's IMPS payment channel. The glitch occurred in the Interbank Mobile or Immediate Payment System (IMPS), a 24/7 instant domestic fund transfer facility accessible through various channels, including internet banking, mobile banking apps, ATMs, and bank branches.The CBI subsequently conducted searches at around 13 locations in West Bengal and Karnataka on December 5, recovering electronic evidence such as mobile phones, laptops, computer systems, email archives, and debit/credit cards. Highlighting the government's response to cybersecurity challenges in the financial services sector, Karad mentioned that the Union Ministry of Finance held a meeting on November 28 to assess the readiness of banks and financial institutions. He stressed the importance of a focused approach to addressing cyber-attacks and frauds related to digital payments. To facilitate the swift reporting of financial fraud, the government has established the Citizen Financial Cyber Fraud Reporting and Management System.Karad also noted that this system has saved an aggregate amount exceeding Rs 1,000 crore in over 4 lakh incidents up to December 4, 2023.