SRINAGAR: Depositors of the Jammu and 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 to demand the release of their matured fixed deposits.
The protest highlights the ongoing frustration among depositors who claim their funds have not been released despite their fixed deposits having matured. Authorities have stated that the bank is currently under liquidation, and all deposits are secured by a government guarantee.
Information was available with The Chenab Times that protesters, carrying placards and raising slogans, moved through the city center, expressing their grievances over prolonged delays and unfulfilled assurances from the government.
Vijay Kumar Gupta, a depositor participating in the protest, stated that the issue has persisted despite repeated commitments from officials. “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,” Gupta said.
Another depositor, Jaswant Singh, echoed the sentiment, stating that they have received numerous explanations without any concrete resolution. “All FDs have matured, but the bank says an audit is taking place. We have been hearing this for the last nine months,” Singh added.
The SCARD Bank is undergoing a liquidation process, approved by the government, following a period of financial distress. The stated aim of this process is to resolve the bank’s liabilities and facilitate the return of funds to depositors.
Official statements have assured depositors that their money is safe and protected by a government guarantee. The Cooperatives Department has also indicated that a liquidator is in the process of being appointed, and the entire liquidation process is expected to be concluded within one to two months.
Despite these assurances, depositors report significant delays in the liquidation process, leaving them without access to their savings for extended periods. Protests by SCARD Bank depositors have been ongoing for over a year, underscoring the urgency of the matter.
The SCARD Bank, which is not registered under the Banking Regulation Act of 1949, operated under the administrative control of the Union Territory government through the Registrar of Cooperative Societies. Officials have indicated that action will be taken against individuals found responsible for the financial irregularities that led to the current crisis.
The Chenab Times News Desk