Jammu, Feb 03 (KNS) : The Jammu and Kashmir government on Tuesday informed the assembly that it has approved the liquidation of the Jammu and Kashmir State Cooperative Agriculture and Rural Development (SCARD) Bank.
In a written reply to legislator Aga Syed Muntazir Mehdi during the budget session, the government as per news agency Kashmir News Service (KNS) said the approval was granted by the Council of Ministers in a decision dated December 3, 2025.
The government stated that measures are being taken to safeguard the interests of depositors and borrowers. This includes the completion of a special Know Your Customer (KYC) verification drive across all branches to authenticate accounts.
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However, the reply clarified that no proposal has been formulated for the rehabilitation, absorption, or compensation of the bank's employees. Their interests, the government said, will be addressed as per the provisions of the Jammu and Kashmir Cooperative Societies Act, 1989.
The administration further informed the House that the department is currently awaiting necessary prior sanction from the National Bank for Agriculture and Rural Development (NABARD) to proceed with the next steps of the liquidation process. (KNS)