Private sector lender Karnataka Bank has reversed suspicious cross border UPI transactions amounting to Rs 18.87 crore to its customers.
The reversal was done as these transactions could not be processed. This was reflected during the reconciliation exercise with National Payments Corp. undertaken by the 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 on Monday evening.
The bank confirmed that owing to this, there is no impact on the operations of the bank nor on customer servicing.
The matter was informed to the Reserve Bank of India on Feb. 17, 2025, it had said.
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 had said.
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