Tamilnad Mercantile Bank says glitch in processing NACH credit file resulted in wrong credit

Tamilnad Mercantile Bank Limited has clarified in reference to the information / news published in mainstream media regarding wrong credit to beneficiary accounts in NACH transaction.

The NACH credit file received from NPCI had some invalid account numbers, in some cases, the account numbers were of 16 digits, instead of correct 15 digits. When the file was processed in NACH application, the amount field got prefixed with one digit (9) and the file was uploaded in CBS. The mistake was noticed immediately and the entries were reversed. We have now introduced additional checks for authorizing the NACH credit transactions.

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 546.70 as compared to the previous close of Rs. 546.65. The total number of shares traded during the day was 27624 in over 1338 trades.

The stock hit an intraday high of Rs. 567.10 and intraday low of 545.25. The net turnover during the day was Rs. 15373491.00.

Source : Equity Bulls

Keywords

TamilnadMercantileBank INE668A01016 TMB PrivateBank NACHTransaction Glitch