For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emailsSign up to our free breaking news emailsA public sector bank in India is racing to recover around Rs 8.2bn (£80m) that was mistakenly issued to account holders in “erroneous” transfers.United Commercial Bank (UCO) explained that an error in its online transfer services meant the bank paid out to customers for transactions initiated by customers of other banks, despite UCO not actually receiving the funds themselves.The bank said that it was investigating the “internal technical issue” that impacted the Immediate Payment Service (IMPS) from 10 to 13 November, and in the meantime it…
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Source: https://www.independent.co.uk/asia/india/uco-bank-money-transfer-imps-b2449000.html