UCO Bank has recovered about 90% of the Rs 820 crore which was erroneously transferred to several of its account holders via Immediate Payment Service (IMPS) but the possibility of recovering the balance amount by the end of the fiscal looks slim, said its managing director and CEO Ashwani Kumar.

The ‘erroneous credits’ occurred in November last year and the bank is taking actions even now to recover the rest of the money. 

"We are in the process of recovering the money... actions are on... may not be possible to recover the entire amount by the fiscal end," Kumar said on the sidelines of a CII event.

“Only Rs 88 crore is left out. We are in the process of recovering the money,” Kumar told reporters on the sidelines of the 17th Banking Colloquium, organised by CII.

All these accounts have already been termed as NPAs, Kumar said. The CBI has been informed and investigations are on, he added.

The state-owned bank had earlier informed that it had recovered Rs 728 crore till March. Since then, only Rs 4 crore has been recovered.

On November 10 and 11, around 14,600 account holders of seven private banks transferred money to 41,000 the Kolkata-based UCO Bank account holders. The money got erroneously credited to UCO Bank accounts via IMPS without getting debited from the originating banks due to an internal technical issue.

IMPS is an instant interbank electronic fund transfer service through mobile phones and internet banking. It allows individuals to send and receive money instantly using their mobile phones or internet banking facilities.