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UCO Bank yet to recover over Rs.100 crore out of Rs.850 crore IMPS fraud case


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As of December 7, UCO Bank, a public sector lender, has yet to recover Rs 114.69 crore out of Rs 850 crore in the Immediate Payment Service (IMPS) money transfer case, according to Bhagwat Karad, Minister of State (MoS) for Finance. In a written response in the Lok Sabha on December 18, Karad stated, “As per inputs received from the Reserve Bank of India (RBI), as of December 7, 2023, UCO Bank has recovered Rs 705.31 crore out of Rs 820 crore.”

Karad also mentioned that UCO Bank filed an FIR with the Central Bureau of Investigation (CBI) on November 15, 2023, regarding a transfer/deposit of Rs 820 crore to a different account from UCO Bank. Moneycontrol reported on November 16 that the state-run UCO Bank sought the intervention of the CBI.

Furthermore, Karad noted that a meeting was held by the Department of Financial Services on November 28 to address issues related to cyber security in the financial services sector and the increasing incidents of online financial frauds. Representatives from various ministries/departments, RBI, Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), Indian Cyber Crime Coordination Centre, the National Payments Corporation of India (NPCI), and banks attended the meeting.

Karad stated, “The meeting took stock of the preparedness of the banks and other financial institutions in tackling the challenges arising from cyber security in the financial services sector, increasing trend of digital payment frauds, and deliberated on a focused approach to mitigate such cyber-attacks and frauds.”

On November 15, UCO Bank temporarily suspended the IMPS money transfer option after a technical glitch caused valid transfers initiated by customers of other banks to be rejected. Errors occurred when customers of 6-7 banks initiated transfers to UCO Bank customers, leading to a “transaction failed” message to the remitter banks and the money being credited back to them, while also being credited to the intended recipient.

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