UCO Bank Plans To Hire IT Consultant After IMPS Glitch

UCO Bank has recovered 79% of the wrongly credited amount.

<div class="paragraphs"><p>UCO Bank ATM in Mumbai. (Source: Vijay Sartape/ BQ Prime)&nbsp;</p></div>
UCO Bank ATM in Mumbai. (Source: Vijay Sartape/ BQ Prime) 

UCO Bank is planning to hire a consultant for information technology on a contract basis.

The public sector bank has rolled out the position for an initial period of one year, extendable for another year, based on the bank's terms and conditions, according to an official recruitment notification on Tuesday.

The place of work would be Kolkata, at the bank's head office, or as decided by the bank, it said.

In terms of mandatory experience, the bank has specified that an ideal candidate must either be a chief information security officer, chief technology officer, or chief information officer, among other criteria.

The bank has rolled out another advertisement for hiring a chief risk officer on a contract basis.

The recruitment notification comes days after the lender reported an IMPS glitch, resulting in erroneous crediting of Rs 820 crore to multiple recipients, according to an exchange filing on Nov. 15.

Problems in the channel were reported from Nov. 10–13, and as a result the bank put its IMPS channel offline.

After this, the bank managed to recover 79%, or Rs 649 crore, of the wrongly credited amount. It blocked the recipients' accounts and also initiated requisite action to recover the remaining Rs 171 crore.

After the UCO Bank incident, the Ministry of Finance asked state-owned banks to review their systems and processes related to digital operations, according to various reports.

It even advised banks to keep tabs on their cybersecurity robustness and take proper steps to strengthen it.

UCO Bank Recovers 79% Of Wrongly Credited Amount After Technical Glitch