800+ IRS officers opted for voluntary retirement in the last decade: FinMin

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800+ IRS officers opted for voluntary retirement in the last decade: FinMin - Business Standard

Quick Summary:

Chaudhary also highlighted a significant decline in financial fraud cases involving amounts over Rs 1 lakh in commercial banks and all-India financial institutions.

Compensation is typically calculated as the lower of either three months’ salary for each year of service or the employee’s last drawn monthly salary.

The amount involved fell 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, according to Reserve Bank of India (RBI) data based on the date of occurrence.