UCO Bank shares were trading higher on Wednesday following the bank's clarification on erroneous credits via Immediate Payment Service (IMPS). According to the bank, there was an internal technical fault that caused some account holders' accounts to see credits begun by holders of other banks via its IMPS without really receiving money from these banks. The PSU bank stated that there was no problem with the IMPS platform.

As a precaution, the bank stated that it was working closely with stakeholders to rectify the issue and restore IMPS services as soon as possible. It further stated that the incident had been submitted to law enforcement officials for further action. On the BSE, the UCO stock was trading 2.12% higher at Rs 40.40.

"The bank confirms that all other critical systems are operational and available." "The bank continues to provide customers with safe and secure services," UCO Bank stated.

UCO Bank stated that the financial impact, if any, of the aforementioned has still to be determined and that the PSU bank would endeavor to inform the same upon ascertainment.

"It is clarified that the Bank was caused by an internal technical issue as a result of our bank's account holders receiving some erroneous credits via IMPS." We want to make it clear that there was no problem with the IMPS platform. As a precaution, the PSU bank has taken the IMPS channel offline. "The PSU bank is working closely with stakeholders to resolve the issue and restore the IMPS," it said.