Excelsior Correspondent
JAMMU, Dec 22: Depositors of the State Cooperative and Rural Agriculture Development (SCARD) Bank today staged a protest in Jammu, accusing the bank’s management of withholding their mature deposits without any clear reason.
The protesters, including labourers, ex-servicemen and small businessmen, attempted to march towards the Civil Secretariat to press their demands. However, they were stopped by the police at Indira Chowk, where tight security arrangements had been made.
The protest led to heavy traffic congestion on roads leading to the Secretariat, causing inconvenience to commuters.
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Speaking to Excelsior, one of the protesters alleged that the General Manager of the SCARD Bank either keeps the bank office closed or avoids meeting depositors and their representatives since March 31, 2025.
This, he said, has created uncertainty and anxiety among depositors about the safety of their hard-earned money.
“He should not behave like this, especially when 90 per cent of SCARD Bank’s shares are held by the Government. We deserve clarity on why our own money is not being released,” the protester said.
Another protester raised concerns over the reported financial fraud of around Rs 200 crore in the institution and the lack of information regarding the release of mature deposits belonging to thousands of account holders.
He also questioned whether only depositors in Jammu were affected or if depositors in Kashmir were facing a similar situation.
The protesters demanded that Chief Minister Omar Abdullah intervene in the matter, order a fair investigation and provide a clear assurance on when the pending deposits would be released.
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