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Private sector Karnataka Bank has refunded suspicious cross-border transactions of UPI worth Rs 18.87 crore to its customers. This action was taken because these transactions could not be processed. This came to light during the exercise to rectify the flaws done by the bank with the National Payments Corporation of India (NPCI). Karnataka Bank said in a notice to the stock market on Monday that some deficiencies have been found in the resolution process during the review of suspicious transactions on UPI Global.

The bank said that due to this there is no impact on the operations or customer service of the bank. The Reserve Bank of India (RBI) was informed about this matter on February 17, 2025.

The bank will now be more strict.

The bank had said that it would initiate necessary action to recover the concerned amount and would also implement additional control procedures to prevent the recurrence of such incidents. After this incident, shares of Karnataka Bank fell 2.5 percent on Tuesday. It hit a 52-week low of Rs 169.5 per share on the BSE. Karnataka Bank shares have fallen by more than 20 percent in the last 2 months.

Let us tell you that Karnataka Bank is a well-known name in the Indian banking sector. This bank provides financial products and services to both personal and commercial customers. These include savings and current accounts, loans, credit cards and insurance products.

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