JAMMU, Feb. 19 -- Minister for Cooperatives, Javid Ahmad Dar, today informed the House that the J&K State Co-operative Agriculture & Rural Development Bank Ltd. (J&K SCARD Bank), established in 1962 under the Jammu and Kashmir Co-operative Societies Act, 1960, is not registered under the Banking Regulation Act, 1949 and therefore does not fall under the purview of the Reserve Bank of India.
The Minister stated this while replying to a clubbed question raised by Legislators Dr. Rajeev Kumar Bhagat, Vikram Randhawa, Surjeet Singh Slathia and Vijay Kumar.
He said that the Bank is presently under the control of the UT Government through the Registrar of Co-operative Societies (RCS) and the Administrative Department of Cooperatives.
The Minis...