Public sector lender Uco Bank on Wednesday said it has observed a technical issue with the Immediate Payment Service (IMPS) and has taken the payments channel offline.

The bank is yet to ascertain the financial impact and has not given any indication when it intends to restart the service. The issue was seen during the period from November 10 to November 13.

IMPS provides a 24x7 instant domestic funds transfer facility and is accessible through internet banking, mobile banking apps, ATMs and IVRS. In 2021, the per transaction limit of IMPS was increased from Rs 2 lakh to Rs 5 lakh.

In stock exchange filings, Uco Bank said that due to internal technical issues, certain account holders of the bank received some erroneous credits via IMPS. The bank clarified that there was no issue with the IMPS platform itself, which is managed by NPCI.

“The bank as a precautionary measure has made the IMPS channel offline and is working closely with the stakeholders to resolve the issue and restore the services at the earliest. The matter has also been reported to the law enforcement agencies for necessary action,” Uco Bank said in a stock exchange filing.

The bank, however, assured that its critical systems are all operational and available. “The bank continues to provide safe and secured services to customers. The financial impact, if any, due to the aforesaid is yet to be ascertained and the bank will endeavour to intimate the same on ascertainment,” the lender said in the regulatory filing.