Karnataka Bank Requests RBI to Reverse $18.87 Million UPI Transaction

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.

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.

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.