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)