UCO Bank Successfully Recovers 80% of Mistakenly Transferred Funds: Unveiling the Causes Behind Incorrect Money Credits

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In the labyrinth of financial transactions, UCO Bank, headquartered in Kolkata, emerges victorious, reclaiming a staggering 80% of funds that, due to a perplexing technical hiccup, found their way into customer accounts without an actual influx from the originating remitter banks. This intricate dance of financial intricacies showcases the banking regulation act in navigating the unpredictable landscape of digital currencies and echoes its triumphant recovery.

When addressing the exchanges, UCO Bank made it clear that, through a series of proactive measures, it successfully halted transactions in the recipients’ accounts. Subsequently, it managed to secure and reclaim approximately ₹649 crore out of the total ₹820 crore, representing an impressive 79% recovery rate. The bank has taken decisive steps to recoup the remaining ₹171 crore.

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Highlighting the gravity of the situation, the bank emphasized that this issue has been officially communicated to law enforcement agencies, ensuring that necessary actions are underway.

we’ve unearthed a riveting revelation: subsequent to the dissemination of this elucidation, the financial institution has adeptly reclaimed an additional ₹9 crore. This financial feat propels the cumulative recuperation to an impressive ₹658 crore, a staggering achievement, eclipsing the 80% mark of the amassed sum thus far.

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“Our dedicated bank officers have tirelessly toiled day and night to thwart the onslaught of erroneous transactions. The majority of these irregularities unfolded during the vibrant night of Diwali (November 12) and the ensuing morning (November 13), precisely when bank holidays were in full swing. Since then, our diligent officers have diligently worked to intercept these misguided transactions, dispatching notifications to customers regarding the erroneously credited funds, urging them to promptly rectify the situation. While some customers promptly heeded the call, others, without delay, utilized the funds either for purchases or swift transfers to alternate accounts. Our team is actively pursuing follow-ups with such customers,” disclosed an official deeply involved in the matter, who preferred to remain anonymous.

The inquiry into the erroneous crediting unfolds an intriguing narrative. A source familiar with the situation, speaking to gate2finance, unveiled that the anomalous transactions materialized when customers from other banks initiated transfers to UCO Bank customers. UCO Bank’s system, grappling with a technical glitch, transmitted a “transaction failed” message to the originating banks. Consequently, the amount was erroneously routed back to the sender’s bank, despite the correct crediting to the intended recipient. This convoluted process, it seems, was instigated by customers from approximately 6-7 other banks to UCO Bank.

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Earlier pronouncements from UCO Bank attributed the issue to a technical glitch in some Immediate Payment Service (IMPS) transactions. Allegedly, transactions by account holders of other banks found their way into the accounts of UCO Bank holders without any tangible funds from the originating banks. Subsequently, the bank clarified that the IMPS platform remained unscathed, attributing the mishap to an “internal technical issue.” The affected transactions unfolded within the timeframe of last week, spanning November 10-13, as indicated by UCO Bank.

In a precautionary move, UCO Bank announced the temporary offline status of the IMPS channel. Collaborative efforts are underway with stakeholders to rectify the issue and reinstate IMPS services promptly. Despite the temporary setback, UCO Bank assures that all other critical systems are functioning seamlessly, and the potential financial repercussions, if any, are yet to be conclusively determined.

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