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    Uco Bank IMPS issue: Slim chance of full recovery this fiscal, says bank MD

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    Kolkata: Uco Bank appears to be losing hopes of recovering the full Rs 820 crore, which was erroneously transferred to several of its account holders through digital channel, anytime soon.

    The state-owned lender has so far recovered about 90% of the said amount, bank chairman Aswaini Kumar said Friday, adding that the possibility of recovering the balance amount by the end of the fiscal looks slim.

    “We are in the process of recovering the money… actions are on… may not be possible to recover the entire amount by the fiscal,” Kumar said, on the sidelines of a CII event.

    He said that the bank is yet to get Rs 88 crore back from customers who got the money credited to their respective accounts in November last year through immediate payment service (IMPS). In other words, this means Rs 732 crore out of Rs 820 crore has been recovered.

    The executive had earlier said the bank recovered Rs 732 crore till March. This effectively means that it recovered merely Rs 4 crore after March.


    It was found that some 14,600 account holders of seven private banks transferred money to 41,000 Uco Bank account holders on November 10 and 11. The money got credited to Uco Bank accounts without getting debitred from the originating banks, resulting Rs 820 crore of initial loss to Uco Bank. The Central Bureau of Investigation (CBI) is Investigating the matter.

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