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Uco Bank fiasco: Glitch first noticed in Jaipur, Jodhpur

Published on November 18, 2023
Current Context: There was a glitch noticed in UCO Bank transactions in Jaipur and Jodhpur. The incidents occurred between November 10 and November 13.
Uco Bank fiasco: Glitch first noticed in Jaipur, Jodhpur
  • Some customers found that when they tried to transfer funds using the Immediate Payment Service (IMPS) from their IDFC First Bank savings accounts to UCO Bank, the amount got credited into the UCO Bank account without getting debited at IDFC First.
  • The glitch that caused Uco Bank to wrongly credit Rs 820 crore to many accounts was first noticed in Jaipur and Jodhpur.
  • This issue led to the temporary suspension of online Immediate Payment System (IMPS) transfers by UCO Bank due to issues where funds from transactions initiated by customers from other banks were credited to UCO Bank’s account holders, without the lender actually receiving the money.

Question:

Q.1 Where was the glitch in UCO Bank transactions first noticed?
a. Delhi and Mumbai
b. Jaipur and Jodhpur
c. Chennai and Bangalore
d. Kolkata and Hyderabad
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