Kotak Bank's Advisory on Account Balance Verification

In light of recent reports about a UPI glitch displaying a 37-digit balance, Kotak Bank has issued a statement urging its customers to use its official mobile banking app or net banking platforms to verify their account balances. The bank clarified that media reports of an unusually large balance were incorrect.

Understanding the UPI Glitch

The incident involved a Delhi-based individual who noticed the anomaly through the Navi UPI app, a third-party application that allows users to view and operate linked bank accounts without direct login to the bank's platforms. Kotak Bank emphasized the importance of using secure, official channels for financial transactions and inquiries.

How UPI Apps Work

Third-party UPI apps connect with customers' banks through APIs provided by the National Payments Corporation of India (NPCI), assigning a Virtual Payment Address for each account. For transactions or balance inquiries, requests are routed through NPCI's central switch to the respective bank, which processes and responds to the request.