New Delhi: Public sector UCO Bank has said that it has halted the online Immediate Payment System (IMPS) transfers channel temporarily. The incidents occurred from November 10 to November 13, UCO Bank said in a stock exchange filing.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

"During the period from 10.11.2023 to 13.11.2023, technical issue in Immediate Payment Service(IMPS), certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in our Bank without actual receipt of money from these banks," UCO Bank said. 


It also added that the Bank as a precautionary measure has made the IMPS channel offline and closely with the stakeholders to resolve the issue and restore the IMPS services at the earliest. 


"The matter has also been reported to the law enforcement agencies for necessary action," the bank added.


UCO Bank re-iterated and assures the customers that "all other critical systems are operational and available. The Bank continues to provide safe and secured services to customers. The financial impact, if any, due the aforesaid is yet to be ascertained and the Bank will endeavour to intimate the same on ascertainment."


IMPS is a real-time interbank electronic funds transfer system that is linked to the UPI. Individuals in India can send money across the country in a matter of seconds using the Instant Money Transfer System (IMPS). This service is available every day of the week, including holidays, 24 hours a day, seven days a week.