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UCO Bank has reported blocking recipients accounts and successfully recovering approximately Rs 649 crores out of Rs 820 crores, constituting 79% of the total amount. This action was taken after the bank temporarily disabled its IMPS (Immediate Payment Service) channel due to a technical issue on Wednesday. ....
UCO Bank temporarily disabled its IMPS channel on Wednesday due to a technical issue, as transactions from other banks resulted in crediting UCO Bank account holders without actual money receipt. Complaints surfaced on social media, expressing concern and urging the bank to address the matter. ....
The bank, as a precautionary measure, has made the IMPS channel offline and is 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, it said. ....