The Core Banking System (CBS) of Indian Overseas Bank (IOB) was affected on Monday due to “complex technological malfunction,” restraining the banking services to its customers. While the transactions were carried out to the extend using the Saturday balance, IOB Chairman and Managing Director M Narendra said that a technical glitch following the Annual Maintenance of the system and the works to take more back up on Sunday, said Narendra. This has affected the core banking services and the ATM services of the Bank to an extend.
“There was some problem related to the annual maintenance and taking the back up, which was carried out on Sunday. It is yet to get complete recovery. They are trying to get it done by tomorrow,” Narendra. The Bank has 3,000 branches and a little over 2000 ATMs.
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