Jammu, Dec 18 (KNS): Jammu and Kashmir Bank has recorded financial frauds totaling Rs 320.42 crore over the past three years, according to data presented by the Ministry of Finance in the Rajya Sabha on December 17. 

The figures reveal a concerning fluctuation in fraud cases and a significant spike in financial losses during the financial year 2022-23.  

In 2021-22, the bank reported 11 fraud cases involving a total of Rs 14.23 crore. However, in 2022-23, there was a dramatic increase, with 13 fraud cases amounting to a staggering Rs 298.09 crore, marking the highest financial impact in the three-year period. By contrast, the numbers declined in 2023-24, with only 8 cases reported involving Rs 8.10 crore.  

This trend highlights the volatility in fraudulent activities and the substantial financial toll on the bank, particularly in 2022-23, when the monetary impact surged despite only a slight increase in the number of cases.Click Here To Follow Our WhatsApp Channel  

At the national level, data from the Reserve Bank of India (RBI) indicated a declining trend in the overall financial impact of fraud cases in both private and public sector banks. While the government has implemented measures to mitigate fraud under RBI’s revised Master Directions on Fraud Risk Management issued in July 2024, region-specific fluctuations like those seen in Jammu and Kashmir Bank demonstrate the challenges that remain.  

These measures include enhanced internal audits, early warning systems, and advanced analytics units to detect fraud. Despite these efforts, the dramatic rise in fraud during 2022-23 underscores the need for stricter governance and monitoring within Jammu and Kashmir Bank (KNS)