Jammu, Feb. 19 -- The Jammu and Kashmir government on Thursday said the State Cooperative Agriculture and Rural Development (SCARD) Bank Ltd has not been declared bankrupt and that the process of its liquidation has been initiated in accordance with law due to prolonged financial and operational distress.
Replying to questions by legislators Dr Rajeev Kumar Bhagat, Vikram Randhawa, Surjeet Singh Slathia, and Vijay Kumar, Minister for Cooperatives Javid Ahmad Dar informed the house that the bank, established in 1962 under the Cooperative Societies Act, is not registered under the Banking Regulation Act and therefore does not fall under the purview of the Reserve Bank of India.
The minister said the bank is presently under the control of th...