Jammu, Feb 3: The Jammu and Kashmir government has approved the liquidation of the J&K State Cooperative Agriculture and Rural Development Bank. In a written reply to the Assembly, minister-in-charge for cooperatives Javed Ahmed Dar said the decision was taken by council of ministers on December 3, 2025.
He added that as of now, the department has not formulated any proposal for the rehabilitation, absorption or provision of compensation to the employees working in the J&K SCARD Bank.
However, he assured that the interests of employees will be safeguarded in accordance with the provisions of the Jammu and Kashmir Cooperative Societies Act, 1989, and the rules framed thereunder, subject to future policy decisions or instructions of the government.
Dar further said that measures have been initiated to safeguard the interests of depositors and borrowers of the SCARD Bank. “
He added that a phased and legally compliant course of action, in line with the Jammu and Kashmir Cooperative Societies Act, 1989, has been formulated to ensure minimal inconvenience to depositors. The department is presently awaiting the requisite prior sanction from NABARD to proceed further, he added.
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