Fri Sep 20 12:39:04 UTC 2024: ## UCO Bank Recovers Most of Erroneously Credited Funds, CBI Probe Ongoing
**Kolkata:** State-run UCO Bank has successfully recovered over 90% of the ₹820 crore mistakenly credited to its customers’ accounts last November due to a technical error. The bank’s Managing Director and CEO, Ashwani Kumar, confirmed the recovery on Friday, stating that only ₹88 crore remains outstanding.
The incident occurred in November 2023 when certain transactions initiated by account holders of other banks were erroneously credited to UCO Bank accounts due to an internal technical issue.
The bank has categorized the remaining outstanding amount as Non-Performing Assets (NPAs) and is pursuing recovery actions.
The Central Bureau of Investigation (CBI) is investigating the matter after registering a case in November 2023 based on a complaint from UCO Bank. The investigation revealed that several account holders had withdrawn funds from UCO Bank accounts through various banking channels, resulting in wrongful gains.
CBI searches have been conducted in multiple locations across India, including Kolkata, Mangalore, Rajasthan, and Pune, targeting private individuals and UCO Bank officials.
The bank clarified that the incident was due to an internal technical issue and did not involve any fault in the Immediate Payment Service (IMPS) platform. The IMPS is an instant interbank electronic fund transfer service that allows users to send and receive money instantly using their mobile phones or internet banking facilities.
First Piper 