Calcutta: Uco Bank on Thursday said it has been able to recover around 79 per cent of the total amount erroneously transferred because of an internal technical glitch in the Immediate Payment Service (IMPS) between November 10 and 13.

The bank has retained and recovered Rs 649 crore out of Rs 820 crore worth of erroneous transactions and is taking steps to recover the balance amount.

Following the glitch, the bank has stopped the IMPS service, and it could be at least 3-4 days before it is again resumed, subject to clearance from all agencies and stakeholders.

IMPS allows individuals to send and receive money instantly using their mobile phones or internet banking.

“By taking various proactive steps, the bank (has) blocked the recipients’ accounts and has been able to retain and recover around Rs 649 crore out of Rs 820 crore, which is about 79 per cent of the amount,” Uco Bank said in a stock exchange filing.

“The bank has initiated requisite actions to recover the balance amount of Rs 171 crore. The matter has been reported to the law enforcement agencies for necessary action,” the bank said.

The bank’s scrips at Rs 39.38 were down 1.13 per cent over the previous close on the BSE on Thursday.

Uco Bank officials said that in the instances where erroneous credit transactions were found, customers were not entitled to utilise the balance as money did not actually debit from the remitter’s accounts.

Officials also said that internal inquiries have been initiated and the bank has reached out to the account holders concerned and the recovery process has started.