In a BSE filing, the bank said, “We further inform that by taking various proactive steps, Bank blocked the recipients’ accounts and has been able to retain and recover around Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount.”
The filing added that the bank had initiated the necessary actions to recover the remaining Rs 171 crore. “The matter has also been reported to the law enforcement agencies for necessary action,” it read.
On November 15, UCO Bank announced that due to a technical glitch, certain transactions of customers of other banks were credited to UCO Bank, leaving the account holders without actual receipt of money from these banking entities.
As a precautionary measure, the bank took its IMPS channel offline.
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“The bank re-iterates and assures that all other critical systems are operational and available. The bank continues to provide safe and secure services to customers,” it said.
As of 10:20 am on Thursday, UCO Bank’s shares were trading 1.03 per cent in the red at 39.42 apiece on BSE.
Earlier, the bank announced that its net profit for the quarter ended September (Q2FY24) declined 20.4 per cent year-on-year (y-o-y) to Rs 402 crore on a decrease in non-interest income and a rise in operating expenses. Sequentially, the Kolkata-based public-sector lender’s profit went up 79.7 per cent in Q2, from Rs 223 crore in the quarter ended June (Q1FY24).
The bank’s domestic net interest margin (NIM) expanded to 3.05 per cent in Q2FY24, compared to 2.97 per cent in Q2FY23. Sequentially, NIM inched up from 3.03 per cent in Q1FY24, according to an analyst presentation.