UCO Financial institution contacts CBI to analyze IMPS flaw, says methods are safe

Business Standard

UCO Financial institution has filed a grievance with the Central Bureau of Investigation (CBI) following a technical glitch in its Speedy Cost Service (IMPS), Ashwani Kumar, MD and CEO of the state-owned financial institution, informed Enterprise Customary.

Kumar didn’t make clear whether or not there was a cyberattack on the financial institution, which stated on Wednesday that its IMPS channel skilled an inner technical glitch between November 10 and 13. As a precaution, the financial institution stopped working the channel.

Kumar stated the financial institution is ascertaining the precise nature of the issue. The financial institution recovered 79 per cent of the quantity wrongly added after the IMPS glitch and initiated proceedings to recuperate the remaining quantity of Rs 171 crore.

“We additionally inform you that by taking varied proactive steps, the financial institution has blocked the accounts of the recipients and has been in a position to retain and recuperate about Rs 649 crore out of Rs 820 crore which is about 79 per cent of the quantity,” UCO stated on the BSE. Deposit. As of 12.24 pm on Thursday, UCO Financial institution shares have been buying and selling 1.23 per cent decrease at Rs 39.34 per share on the BSE.

The financial institution is trying to convey IMPS on-line inside two-three days, “topic to the methods being patched and prepared,” Kumar stated.

The Reserve Financial institution of India can also be assessing the character of the imbalance.

“The financial institution reiterates and confirms that every one different important methods are operational and out there. The financial institution continues to offer protected and safe providers to prospects,” UCO Financial institution stated.

The financial institution’s web revenue for the quarter ended September (Q2FY24) fell 20.4 per cent year-on-year (YoY) to Rs 402 crore attributable to decrease non-interest revenue and better working bills. Sequentially, the Kolkata-based public sector lender’s revenue rose 79.7 per cent within the second quarter, from Rs 223 crore within the quarter ended June (Q1FY24).

First revealed: November 16, 2023 | 1:27 pm he

(tags for translation)UCO Financial institution

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