Share your story and shine at JK Monitor!🌟 Welcome to JK Monitor, where every story matters and every achievement is celebrated! We invite you to share the remarkable journey of your life and showcase your accomplishments to the world. Join our exclusive interviews that honor exceptional individuals just like you. JAMMU: A delegation comprising nearly one hundred members representing around 22,000 depositors of the Jammu and Kashmir State Co-operative Agriculture and Rural Development Bank (JK SCARD Bank) called upon J&K BJP President and Rajya Sabha MP Sat Sharma at the party headquarters, Trikuta Nagar, Jammu.
The aggrieved depositors submitted a memorandum highlighting their grievances and sought the personal intervention of Sat Sharma to ensure the release of their hard-earned savings invested in the government-guaranteed, 60-year-old banking institution.
While sharing their ordeal, the members of the delegation expressed deep anguish over the prolonged delay in repayment of their matured fixed deposits. They informed that several depositors and their families have been pushed into severe financial distress due to the non-payment of their dues. The delegation stated that at least nine depositors reportedly died prematurely after suffering immense mental stress caused by the financial uncertainty.
They further said that many families had to postpone or cancel marriages due to financial constraints, while students faced difficulties in depositing educational fees on time. The depositors also highlighted hardships in meeting medical expenses and emergency treatment requirements.
The delegation informed Sat Sharma that despite repeated assurances from the concerned authorities, including statements made by the Secretary, Commissioner, and the Minister for Cooperatives, even on the floor of the Assembly, no concrete steps have been taken so far. They pointed out that although the bank was closed on February 13, 2026, the appointment of a liquidator is still pending, thereby causing unnecessary delay in settlement of claims of genuine depositors since April 1, 2025. They termed the situation as a serious case of administrative apathy leading to financial embarrassment and immense mental agony for thousands of affected families.
The delegation appealed to Sat Sharma to personally take up the matter with the concerned authorities to ensure immediate redressal of the issue and early release of payments to the depositors. They emphasized that more than one lakh family members are directly or indirectly affected by the crisis and urgently require relief.
After patiently hearing the grievances of the depositors, Sat Sharma assured the delegation that he would strongly take up the issue with the concerned authorities to solve the matter in a time-bound manner. He said that the genuine concerns of the depositors cannot be ignored and that every effort must be made to safeguard the interests of innocent citizens who invested their savings in a government-backed institution.
Sat Sharma further said that the government must adopt a humanitarian approach towards the suffering depositors and ensure speedy resolution of all procedural formalities related to liquidation and repayment. He reiterated that he stands firmly with the affected families and will continue to pursue the matter vigorously until justice is delivered to the depositors.
