JAMMU, Jul 7: More than 500 depositors of the Jammu and Kashmir State Cooperative Agricultural and Rural Development (SCARD) Bank on Tuesday staged a peaceful protest demonstration outside the Press Club, Jammu, demanding the immediate release of their long-pending deposits. The protesters represented nearly 22,000 investors of the government-owned bank, which was wound up by the government in February 2026.
The protesting depositors, including farmers, retired employees, ex-servicemen, small businessmen and petty traders, alleged that they have been facing severe financial hardship for the past one-and-a-half years as they have been unable to access their hard-earned savings deposited in around 60 branches of the bank across Jammu and Kashmir. They claimed that nearly Rs 183 crore belonging to depositors remains unpaid despite repeated assurances from the authorities.
The protesters said they have been approaching the Registrar, Cooperative Societies, the Commissioner/Secretary of the Cooperative Department and the concerned Minister for over a year. Although they have received verbal assurances on several occasions, they alleged that no concrete action has been taken to reimburse the depositors.
They pointed out that the issue was also raised by several legislators during the last two sessions of the Jammu and Kashmir Legislative Assembly. According to the protesters, the Minister for Cooperatives had assured the House that the depositors’ dues would be cleared within two months after the appointment of a liquidator following the winding up of the bank. However, they alleged that the promised timeline has not been adhered to.
The depositors further claimed that administrative delays have prolonged the reimbursement process. They alleged that officials handling the matter have proceeded on leave one after another, creating uncertainty and adding to the financial distress of thousands of affected families.
During the protest, several participants narrated the hardships they have faced due to the non-release of their savings. They claimed that more than ten depositors had passed away while waiting for their money, marriages had been postponed because of financial constraints, children’s education had suffered due to delayed payment of fees, and many families were struggling to meet medical expenses.
Appealing to the Lieutenant Governor and the elected government of Jammu and Kashmir, the protesting depositors urged the administration to expedite the liquidation process and ensure the immediate release of their deposits. They said that early reimbursement would not only provide relief to thousands of affected families but also help restore public confidence in the government-backed cooperative banking system.