Srinagar, Feb 05 (KNO): Jammu and Kashmir Bank has made significant progress in combating fraud with a 50% reduction in the number of such cases in 2023-24 compared to the previous year.
Finance Minister Nirmala Sitharaman provided data on fraud cases across all banks, including Jammu and Kashmir Bank, in response to a question in the Lok Sabha.
As per the news agency—Kashmir News Observer (KNO), the amount involved in these frauds also saw a dramatic decline, dropping to just 2.7% of the total amount from 2022-23. This improvement reflects the bank's enhanced security measures and proactive risk mitigation efforts.
Despite efforts to strengthen security and compliance measures, the bank continues to grapple with varying levels of fraud, with some years seeing alarming spikes in the amounts involved.
The bank reported 13 fraud cases, involving a total of Rs 69.71 crore in 2019-20. In 2020-21, the fraud cases decreased to 10, but the amount involved surged by 42.3% to Rs 99.23 crore, marking the highest amount in this period.
In 2021-22, both the number of cases and the amount involved dropped, with 12 fraud cases and Rs 14.25 crore, representing an 85.6% decline in the amount compared to the previous year.
In 2022-23, the bank saw a sharp rise in fraud cases, recording 16 cases, the highest in five years, with the amount involved skyrocketing to Rs 298.75 crore, a staggering 1,996% increase from the previous year.
In 2023-24 (till December 2024): Fraud cases decreased to 8, with the amount involved dropping significantly to Rs. 8.10 crore, a 97.3% reduction compared to 2022-23. As of December 2024, only 2 fraud cases have been reported, involving Rs 0.69 crore.
The data reveals a volatile trend in fraud cases, with the amount involved peaking in 2022-23 at Rs 298.75 crore, the highest in the five-year period—(KNO)