JAMMU: Depositors of the Jammu & Kashmir State Cooperative Agriculture and Rural Development (SCARD) Bank staged a protest in Jammu on Tuesday, marching from Jewel Chowk towards the Chief Minister’s residence, demanding the release of their matured fixed deposits.
The protest underscores mounting frustration among depositors who say their funds have remained unpaid despite maturity, even as authorities maintain that the bank is under liquidation and all deposits are secured by a government guarantee.
Carrying placards and raising slogans against the government, protesters moved through the city center, alleging prolonged delays and unfulfilled assurances.
Vijay Kumar Gupta, one of the protesters, told the news agency Kashmir News Trust that the issue has persisted despite repeated commitments. “Our fixed deposits have matured but the money is still not being paid. Cooperative Minister Javid Dar had assured that depositors would get their money, but two months have passed and the problem continues,” he said.
Another protester, Jaswant Singh, said depositors have been given repeated explanations without resolution. “All FDs have matured, but the bank says an audit is taking place. We have been hearing this for the last nine months,” he said.
The SCARD Bank is currently undergoing liquidation following financial distress, a process approved by the government with the stated aim of resolving liabilities and returning funds to depositors.
Officials have maintained that depositors’ money is safe and backed by a government guarantee. The Cooperatives Department has also indicated that a liquidator is being appointed and that the process is expected to be completed within one to two months.
However, depositors say delays in the liquidation process have left them without access to their savings for extended periods, with protests continuing for over a year.
The bank, which is not registered under the Banking Regulation Act, 1949, was functioning under the control of the Union Territory government through the Registrar of Cooperative Societies.
Authorities have said action will be taken against those responsible for the financial irregularities that led to the crisis. [KNT]
