Public sector financial institution UCO Financial institution introduced on Thursday that it has retained and refunded 79 per cent of the quantity wrongly credited to the financial institution after its Instant Fee Service (IMPS) suffered a technical failure from November 10 to November 13, 2023.
Within the BSE submitting, the financial institution mentioned: “We additionally inform you that by taking numerous proactive steps, the financial institution has blocked the accounts of the recipients and has been in a position to retain and get better about Rs 649 crore out of Rs 820 crore which is about 79 per cent of the quantity.”
The file added that the financial institution has initiated needed procedures to get better the remaining quantity of Rs 171 crore. “The matter has additionally been reported to legislation enforcement companies for needed motion,” the assertion learn.
On November 15, UCO Financial institution introduced that resulting from a technical glitch, sure transactions of shoppers of different banks had been credited to UCO Financial institution, leaving account holders with out precise receipt of funds from these banking entities.
As a precaution, the financial institution has stopped its IMPS channel from working.
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“The financial institution reiterates and confirms that every one different important techniques are operational and obtainable. The financial institution continues to offer protected and safe companies to prospects,” he mentioned.
As of 10:20 am on Thursday, UCO Financial institution shares had been buying and selling 1.03 per cent within the pink at 39.42 per share on the BSE.
Earlier, the financial institution had introduced that its internet revenue for the quarter ended September (2QFY24) fell 20.4 per cent year-on-year to Rs 402 crore resulting from decrease non-interest earnings and better working bills. Sequentially, the Kolkata-based public sector lender’s revenue rose 79.7 per cent within the second quarter, from Rs 223 crore within the quarter ended June (Q1FY24).
The financial institution’s home internet curiosity margin (NIM) expanded to three.05 per cent in Q2FY24, in comparison with 2.97 per cent in Q2FY23. Sequentially, NIM elevated from 3.03 per cent in Q1FY23. 2024, in response to analysts’ presentation.
(tags for translation) UCO Financial institution