Mishaps such as crediting funds to the wrong person or a wrong account at large institutions like banks are some of the most significant risks of running a financial services firm. Nithin Kamath, the founder of Zerodha, emphasized the importance of profitability in financial services firms to avoid catastrophic events that can lead to bankruptcy. Kamath compared financial services firms to insurance businesses, as they collect fees on services and need to protect their net worth. This event came after UCO Bank mistakenly transferred Rs 820 crore through mobile-based Immediate Payment Service (IMPS) due to a technical glitch. Kamath highlighted the difficulty of recovering funds sent to the wrong person and stressed the need for a robust ecosystem to prevent such mishaps. UCO Bank has managed to recover about 75% of the amount transferred. The finance ministry has urged state-owned banks to review their digital operations and strengthen cybersecurity measures.