Jammu and Kashmir Bank has made great strides in reducing fraud, with a 50% decrease in cases in 2023-24 compared to the previous year. Finance Minister Nirmala Sitharaman shared these figures in a Lok Sabha response, highlighting improvements across all banks, including J&K Bank. In 2021-22, both the number of fraud cases and the money lost decreased, with 12 cases and Rs 14.25 crore lost. However, in 2022-23, fraud cases rose sharply to 16, with the total amount involved soaring to Rs 298.75 crore—a staggering 1,996% increase from the previous year.
By 2023-24 (until December 2024), the bank reported just 8 fraud cases, with the total money lost falling to Rs 8.10 crore, a 97.3% decrease compared to the previous year. As of December 2024, only 2 fraud cases were recorded, involving Rs 0.69 crore.
The data shows a mixed trend in fraud, with the highest amount lost in 2022-23 but a significant decline in 2023-24.
