JK Bank Reports fraud involving Rs 320.42 cr over three years: GoI

SRINAGAR: Jammu and Kashmir Bank recorded financial frauds amounting to 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. While fraud cases involving the bank fluctuated in number, a sharp surge in monetary impact was noted in 2022-23.
The data showed that in 2021-22, the bank reported 11 fraud cases involving Rs 14.23 crore. The following year, 2022-23, saw a significant spike, with 13 fraud cases amounting to Rs 298.09 crore, the highest in the three years. However, the figures declined in 2023-24, with 8 cases reported involving a relatively modest Rs 8.10 crore.
This trend underscores both volatility in fraudulent activity and the financial toll on the bank, particularly in 2022-23, when the amount involved in fraud surged dramatically despite a marginal increase in the number of cases.
At the national level, fraud cases across private and public sector banks saw a declining trend in financial impact. The total amount of frauds involving Rs 1 lakh and above dropped from Rs 9,298 crore in 2021-22 to Rs 3,607 crore in 2022-23 and further to Rs 2,715 crore in 2023-24, as per Reserve Bank of India (RBI) data.
Among private sector banks, HDFC Bank, ICICI Bank, and Axis Bank reported the highest fraud amounts over the three years. HDFC Bank alone reported Rs 624.41 crore in fraud for 2023-24, followed by ICICI Bank with Rs 322.61 crore and Axis Bank with Rs 324.19 crore.