Customers' money trapped in this bank's transactions, ban on IMPS- CMB College

Customers’ money trapped in this bank’s transactions, ban on IMPS

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UCO Bank Imps: If you are a UCO Bank customer then this news is for you. In fact, the bank has banned IMPS i.e. Immediate Payment Service. According to the information provided by the bank, the IMPS service was affected from 10 November 2023 to 13 November 2023 due to a technical glitch. Considering which this decision has been taken. Let us tell you that due to a technical fault, the money of the account holders of other banks who transacted with UCO Bank has been deducted. However, UCO Bank account holders have not received the money.

What the bank said: The financial impact, if any, is not yet known, the bank said in a filing to BSE. The Bank was working with stakeholders to resolve the issue and restore IMPS service as soon as possible. The matter has also been reported to ED to take necessary action in this matter. The bank said all other systems are functional and available and it continues to provide secure services to customers.

Share status: on Wednesday UCO Bank The share reached the level of Rs.40. The stock saw an increase of over 0.50% over the previous day. On September 18, the share was Rs. A 52-week high of 48.50 was reached.

What were the quarterly results: In the second quarter of the current financial year 2023-24, UCO Bank’s profit fell by 20 percent to Rs. 402 crores. The bank’s profit in the same period last financial year was Rs 505 crore. In the July-September period of the current financial year, the total income of the bank increased to Rs. 5,866 crore, compared to Rs. 4,965 crores.

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