Karnataka Bank reports to RBI suspicious cross border UPI transaction of Rs 18.87 crore

Karnataka Bank Ltd, a private sector lender, has the discovery of deficiencies in its reconciliation process for cross-border Unified Payments Interface (UPI) transactions, leading to an estimated net loss of ₹18.57 crore after immediate recovery. In a regulatory filing on National Stock Exchange (NSE), the bank stated that during a review of suspicious UPI Global transactions, certain reconciliation process deficiencies were identified. However, the bank assured that this issue does not impact its operations or customer service.