Whoa! Bug in UPI has resulted in loss of 25 crores to Bank of Maharashtra

Rs 25 crore has been moved out of Bank of Maharashtra (BoM) accounts due to a bug in its UPI application.

“Total amount of loss, as reported by BoM, is about Rs 25 crore. They’ve recovered some amount and some amount is still pending. They’ve filed a police complaint also and the investigation is on,” National Payment Corporation managing director and chief executive AP Hota.

“Even if the core banking has declined a transaction, the UPI at the bank-level used to send a success message to NPCI. At NPCI, even if the CBS said no, based on UPI of the bank, we used to do the clearing and settlement, (via)

What do you think?

16 points
Upvote Downvote

Total votes: 1

Upvotes: 1

Upvotes percentage: 100.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Google launches Optimize : Free A/B testing tool for all

Jonas Hanway : The Umbrella Man

When was the last time you saw Jonas Hanway? The Britisher who was hated for using an umbrella