UCO Bank falls after reporting technical glitch leading to credits error

The shares of UCO Bank fell as much as 1.68 per cent to hit an intraday low of Rs 39.16 per share on Thursday after the company reported technical issues resulting in some accounts receiving incorrect credits. The bank clarified that the observed transactions were a consequence of an internal technical problem, underlining that there was no issue with the IMPS platform.

According to the latest BSE filing, the bank has stated that it has recovered Rs 649 crore out of 820 crore of the total amount, accounting for around 79 per cent. 

The financial impact of this incident is still under assessment, according to a regulatory filing by UCO Bank. As a precautionary measure, the bank has temporarily taken the IMPS channel offline and is actively collaborating with stakeholders to address the issue and restore IMPS services promptly.

The bank has reported the matter to law enforcement agencies for necessary action. Despite this glitch, UCO Bank reassured customers that all other critical systems are operational and secure, affirming its commitment to providing safe services.

The exact financial impact is yet to be determined, and the bank pledges to keep stakeholders informed as the assessment progresses.