UCO Bank suspends IMPS transfers due to glitches

Kolkata-based UCO Bank has temporarily suspended online Immediate Payment System (IMPS) transfers after experiencing issues where funds from transactions initiated by customers from other banks were credited to UCO Bank's account holders without the bank actually receiving the money. The incidents occurred between November 10 and November 13. The bank has made the IMPS channel offline and is working to resolve the issue, with law enforcement agencies involved. There is no confirmation on when services will be restored. The financial impact is yet to be determined.

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