According to data presented in the Rajya Sabha, Jammu and Kashmir Bank reported financial frauds totaling Rs 320.42 crore over the past three years. The number of fraud cases fluctuated, but the monetary impact surged in 2022-23, with 13 cases amounting to Rs 298.09 crore, the highest in the three years. However, the number of cases declined in 2023-24, with 8 cases reported involving Rs 8.10 crore. The bank’s financial toll from fraud was significant, particularly in 2022-23.
Nationally, the total amount of frauds involving Rs 1 lakh and above declined from Rs 9,298 crore in 2021-22 to Rs 2,715 crore in 2023-24, according to Reserve Bank of India data. Among private sector banks, HDFC Bank, ICICI Bank, and Axis Bank reported the highest fraud amounts. Public sector banks, such as Punjab National Bank and State Bank of India, also reported significant frauds, with PNB’s losses declining significantly.
To combat fraud, the government has implemented measures, including strengthening bank boards, improving internal audits, and enhancing early warning systems. While these efforts have contributed to a decline in fraud amounts, challenges remain, as seen in the case of Jammu and Kashmir Bank.