© Reuters.
UCO Bank, a prominent public sector lender, has temporarily deactivated its Immediate Payment Service (IMPS) following the discovery of a technical issue that occurred between November 10 and November 13. This action was taken as a precautionary measure after unverified credits from transactions initiated at other banks were mistakenly directed to UCO Bank accounts.
The Kolkata-based bank has acknowledged the problem and is actively working with stakeholders and law enforcement agencies to address the situation promptly. The bank’s swift response includes an exchange filing reporting the glitch and outlining its efforts to rectify the matter. In the meantime, UCO Bank reassures that all other critical systems remain functional, ensuring that customers can continue to use secure banking services.
Despite this setback, UCO Bank’s stock price saw a slight uptick today, closing at $39.56 per share. This mild increase comes after a report on November 3 revealed a 20% decrease in the bank’s net profit for the quarter ending September 2023. The bank is currently assessing the potential financial impact of the IMPS issue while prioritizing the uninterrupted operation of essential banking systems.
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