A glitch to worry about - UCO Bank

An article in Indian Express titled "UCO Bank recovers INR 649 crore ‘erroneously credited’ to customers", appeared on November 16. 2023.

What happened:

During the period from November 10 to 13, the bank observed that due to technical issue in IMPS, certain transactions initiated by holders of other banks have resulted in credit to the account holders in UCO Bank without actual receipt of money from these banks, UCO bank said in another filing. Money is instantly transferred in the IMPS system from one account to another account.

The Key part is the bold underlined words, credit to one account without actual receipt of money from other banks.

Uncomfortable thoughts on what if this is other than a plain technical glitch:

1. System allowed credit to one account without debit to other account ignoring the double entry concept, unacceptable.

2. Did this technical glitch is a patch uploaded by hackers to steal money / exploit the weakness,

3. Is this the testing phase of what is going to be how to destabilize the world economy by digital terrorism / theft.

4. Is this going to be a question of excess of anything is a problem i.e. excess digitization will cause similar issues as vulnerabilities in a system will be exposed.

5. Will this spread into UPI where billions of transactions worth trillions of dollars are taking place? When you steal a small amount of INR 10 from select account, users will stop using the UPI in a big manner?

6. Is this an attempt to destabilize India growth by attacking Indian strength i.e. Digitalization of India?

7.  Cyber threat / Network / Software robustness / Third party system control needs to be one which is more important than anything else in the future.

Above are only thoughts with possible conspiracy connection and can be ignored. 

Let this be a technical glitch and nothing more.