Thiruvananthapuram: Finance Minister K N Balagopal on Tuesday said that online fund transfers from Treasury Savings Bank (TSB) accounts failed to reach intended recipients due to a technical glitch in the Reserve Bank of India’s (RBI) network.

He clarified that the recent transaction failures occurred due to issues in the RBI’s e-Kuber platform, which manages backend payment processing.

Senior RBI officials said the disruption stemmed from a malfunction in the security framework of e-Kuber, the central system used for the bank’s fund settlement operations. The central bank has initiated urgent steps to resolve the issue and restore normalcy in online transactions, they added.