Government to meet RBI, NPCI and TRAI after UCO Bank incident: What caused ‘Rs 820 crore technical glitch’ at the bank

The Finance ministry has taken a serious notice of the recent major issue at UCO Bank and the rising cases of bank frauds in the country. The ministry and the parliamentary panel on ICT have decided to look into and tackle the matter. Financial services secretary Vivek Joshi will hold key consultations on the matter next week.

Meetings will include officials from the Reserve Bank of India (RBI), Trai, telecom department and the National Payments Corporation of India (NPCI), among others. The parliamentary panel has already held consultations with the finance ministry and Punjab National Bank (PNB) MD. Reported fraud cases reached nearly 13,500 in the last year, compared to 9,100 in the previous fiscal year, marking an increase of almost 50%. Analysts believe that these figures may not fully reflect the situation, as many consumers do not file complaints.