Fraud amounts in 2023-24 reduced to only 2.7% of previous year’s figure<\/p>\n
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Sajid Raina<\/p>\n
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Srinagar, Feb 05: 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.<\/p>\n
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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.<\/p>\n
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As per the news agency Kashmir News Observer, 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.<\/p>\n
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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.<\/p>\n
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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.<\/p>\n
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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.<\/p>\n
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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.<\/p>\n
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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.<\/p>\n
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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\u2014(KNO)<\/p>\n","protected":false},"excerpt":{"rendered":"
Fraud amounts in 2023-24 reduced to only 2.7% of previous year’s figure Sajid Raina Srinagar, Feb 05: 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 […]<\/p>\n","protected":false},"author":2,"featured_media":83878,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-85959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kashmir"],"_links":{"self":[{"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/posts\/85959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/comments?post=85959"}],"version-history":[{"count":2,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/posts\/85959\/revisions"}],"predecessor-version":[{"id":85961,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/posts\/85959\/revisions\/85961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/media\/83878"}],"wp:attachment":[{"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/media?parent=85959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/categories?post=85959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.khushalekashmir.com\/index.php\/wp-json\/wp\/v2\/tags?post=85959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}