SRINAGAR, September 25, 2026 – The Jammu and Kashmir Government has officially declined to set a specific deadline for refunding the hard-earned money of thousands of depositors associated with the financially distressed J&K State Cooperative Agriculture and Rural Development (SCARD) Bank. Responding to the issue during Zero Hour in the Legislative Assembly on Thursday, Cooperative Minister Javid Ahmad Dar stated that while the government guarantees the safety of the depositors’ money, repayments will only be made gradually and in phases following the completion of an ongoing financial assessment. The matter was aggressively raised by Samba MLA Surjit Singh Slathia, who pointed out that despite previous government assurances to clear the dues of approximately 22,700 account holders within two months, the promise remains unfulfilled, leaving farmers, retired employees, and small traders in deep financial distress. Minister Dar countered the figures, clarifying that the bank—which operates 48 branches evenly distributed across the Jammu and Kashmir divisions—actually has around 12,000 account holders in total, and emphasized that the refund process cannot be completed in a single month.
Detailing the administrative roadmap for the resolution, the Cooperative Minister informed the House that a government-appointed liquidator has already completed the initial assigned tasks. As a next step, the administration has engaged a company secretary and a chartered accountant to conduct a comprehensive evaluation of the bank’s current financial position. Once their final report is submitted, the Cooperative Department will process the recommendations and forward them to the Finance Department to facilitate the phased release of funds. However, MLA Slathia highlighted the severe human cost of the ongoing crisis, noting that depositors have been protesting for months while struggling to fund basic needs like medical treatments, education, and marriages. Furthermore, he raised serious concerns over the welfare of the bank’s staff, revealing that 83 employees have not received their salaries for eight months, and questioned the government’s action regarding the alleged diversion of ₹180 crore, for which an FIR had previously been registered. Slathia warned the administration that prolonged delays in refunding the matured deposits could permanently erode public confidence in the region’s cooperative banking sector.
Published by True Roots Media Network