Brief – : Discover how UCO Bank swiftly rectified an IMPS error, recovering 79% of the mistakenly deposited 649 crores. Read about the proactive measures taken to safeguard financial integrity and ensure minimal disruption for account holders.
In a recent development, UCO Bank swiftly addressed an error in the Immediate Payment Service (IMPS), rectifying the accidental deposit of 649 crores or approximately 79% of the total amount. The bank, taking prompt action, implemented various measures to halt transactions on affected accounts, successfully recovering 649 crores out of the total 820 crores.
Proactive Measures by UCO Bank
UCO Bank took proactive steps to mitigate the impact of the erroneous deposit, ensuring that account holders faced minimal disruption. By swiftly freezing transactions on the affected accounts, the bank managed to recover a substantial portion of the mistakenly deposited funds.
Recovery Process and Percentage
Out of the total amount mistakenly credited, 649 crores, which accounts for nearly 79%, has been successfully recovered by UCO Bank. The efficient handling of the situation reflects the bank’s commitment to safeguarding the financial integrity of its operations.
Ongoing Actions and Remaining Amount
To complete the recovery process, UCO Bank has initiated actions to retrieve the remaining 171 crores. The bank is actively pursuing the necessary steps to collect the outstanding amount, showcasing its dedication to resolving the situation comprehensively.
Information Shared with Regulatory Authorities
In addition to taking internal measures, UCO Bank has shared relevant information about the case with regulatory agencies overseeing financial transactions. This transparent approach aligns with regulatory compliance standards and ensures that external authorities are informed about the steps taken to rectify the error.
Swift Resolution and Financial Prudence
UCO Bank’s quick response to the IMPS error and the subsequent recovery of the majority of the mistakenly deposited funds exemplify the bank’s commitment to financial prudence and customer satisfaction. The ongoing efforts to retrieve the remaining amount underscore UCO Bank’s dedication to resolving the situation thoroughly. The incident serves as a testament to the importance of robust financial systems and proactive measures in addressing unforeseen challenges within the banking sector.