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Events such as the unjust crediting of hundreds of crores of rupees into UCO Bank account holders’ accounts—from which, at this point, it appears impossible to recover—are destined to recur unless public sector banks improve their handling of technological challenges.

UCO Bank announced on November 15, 2023, that from November 10–13, certain transactions that other bank holders started in the Immediate Payment Service (IMPS) led to credit to UCO Bank account holders without these banks really sending money to UCO Bank. The Bank stated on November 16, 2023, that 649 crore of the 820 crore that could be recovered could be retrieved.

Later, on December 5, more information was provided in a press release issued by the Central Bureau of Investigation (CBI). 8,53,049 IMPS inward transactions were originated by up to 14,000 account holders from seven private banks to 41,000 account holders at UCO Bank. A number of account holders took advantage of this circumstance and made fraudulent withdrawals from UCO Bank via different banking channels.

 

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