In the IMPS fraud case, UCO Bank anticipates receiving all Rs 820 crore back

 In the IMPS fraud case, UCO Bank anticipates receiving all Rs 820 crore back

A daily average of Rs 1 crore is being recovered by the bank from several accounts.

According to a senior bank official, Kolkata-based UCO Bank anticipates receiving all of the Rs 820 crore that was inadvertently moved to other accounts in an IMPS case.

"The money that was moved to several accounts is now being returned to us. The bank receives Rs 1 crore on average every day, according to a senior bank executive who asked to remain anonymous.

Based on the most recent statistics presented in Parliament by the government, UCO Bank needed to collect Rs 114.69 crore of the Rs 820 crore that was owed by December 7.

According to a senior bank official, a considerable number of recipients of the funds used them right away, making it difficult to retrieve them. "Yet the bank believes a complete recovery is imminent. And we're working to make our systems stronger," a senior official said.

   On November 15, 2023, UCO Bank reported to the CBI that Rs. 820 crore had been transferred or deposited into many accounts.

After a technical issue resulted in the rejection of valid transfers made by clients of other banks, UCO Bank decided to take down the IMPS money transfer option on November 15. According to a senior official who spoke with Moneycontrol, mistakes happened when clients of six or seven banks started making transfers to UCO Bank customers. As a result, the system of UCO Bank informed the remitting banks that the transaction had failed and requested that they refund the funds. credited as well as deposited. funds to the designated beneficiary.

Personnel working in cyber security

Bhagwat Karad, the Minister of State for Finance, said on December 18 that the Department of Financial Services has summoned a meeting for November 28 to examine concerns pertaining to cyber security in the financial services industry and the recent upsurge in instances of online financial fraud.

The conference was attended by representatives of the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), the Cyber Crime Coordination Center of India, the Telecom Regulatory Authority of India (TRAI), the Reserve Bank of India (RBI), and banks.

The conference examined the threats to financial services industry cyber security, the readiness of banks and other financial organizations to handle the growing trend of digital payment fraud, and the development of a targeted strategy to lessen these types of cyberattacks and frauds. was spoken about. "Karad.

The new Parliament House's cyber security has drawn the attention of lawmakers, who have also urged banks to take the necessary precautions to safeguard the public's financial assets.

The Members of Parliament also emphasized the need of raising national awareness of cyber security issues and advocated for the creation of a "Cyber Consciousness Index" to gauge it.

During the Information and Communication Technology Management Committee meeting in the Parliament House Annexe in the Rajya Sabha, members received presentations from senior representatives of the Ministry of Electronics and Information Technology (MeitY) and the public sector Punjab National Bank. AAP member ND Gupta led the committee meeting, during which Secretary MeitY briefed the members on cyber security concerns and how the ministry and its affiliated organizations are tackling them.