Latest News | Karnataka Bank Urges RBI for Reversal of Suspicious Cross Border UPI Transaction of Rs 18.87 Cr

New Delhi, Feb 16 (PTI) Private lender Karnataka Bank on Monday requested for reversal of suspicious cross border UPI transaction of Rs 18.87 crore to the Reserve Bank.

During the course of its review of suspicious UPI Global transactions has identified certain deficiencies in the reconciliation process, Karnataka Bank said in a regulatory filing.

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The bank confirms that owing to this, there is no impact on the operations of the bank nor on customer servicing, it said.

The bank requested RBI for reversal of cross border UPI transaction amount to customers approximately Rs 18.87 crore, it said.

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The bank will initiate necessary actions towards recovery of the amount involved and has also put in place additional control processes to prevent recurrence, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)