Jammu, Feb. 4 -- Ten months after first assuring relief, the Jammu and Kashmir government has once again sought to reassure aggrieved depositors of the J&K State Cooperative Agriculture and Rural Development (SCARD) Bank that their deposits will be protected. In a written reply to a question by MLA Aga Syed Muntazir Mehdi, cooperatives minister Javed Ahmed Dar informed the assembly that the Council of Ministers, on December 3 last year, approved the liquidation of the J&K State Cooperative Agriculture and Rural Development Bank. Depositors have been demanding the return of their money since March last year, after the bank ran into serious financial trouble. According to the minister, steps have been initiated to safeguard the interests of both depositors and borrowers. "The issues affecting the bank have been examined in detail by the department in consultation with NABARD. A regulated, closely monitored and structured course of action has been advised to ensure an orderly, transparent and legally compliant process," the written reply said.The minister, however, clarified that the cooperatives department has not framed any proposal for the rehabilitation, absorption or compensation of the bank's employees. He added that employees' interests would be protected in accordance with the provisions of the Jammu and Kashmir Cooperative Societies Act, 1989, and related rules, subject to government policy decisions.For depositors, Dar said a special knowyour customer (KYC) verification exercise covering all depositors and borrowers across branches, including the head office and regional office, has been completed to verify the authenticity of accounts and protect genuine investors. He stated that the Council of Ministers has approved a phased and legally compliant course of action, with specific directions to safeguard depositor interests and minimise inconvenience, in line with the Cooperative Societies Act and rules. "The department is presently awaiting the requisite prior sanction from NABARD to proceed further," he informed the House.Despite repeated assurances, aggrieved investors-many of them pensioners, farmers and senior citizens-have been holding protest demonstrations since March last year, alleging that their hard-earned savings remain stuck. "Our money has been swindled by this bank. Some among us have to marry our daughters, others have to fund our children's education. This was a government bank, not a private one. Where should we go?" said Rakesh Gupta, a 71-year-old protester. The depositors have demanded criminal proceedings against the bank's chairman, managing director and other officials. In November last year, the cooperatives minister had informed the House that the bank's licence had been revoked and it had been declared a non-performing asset (NPA) under Section 11 of the Banking Regulation Act, 1949, while assuring that depositors' money would be returned. Protesters have alleged that nearly Rs.200 crore belonging to around 15,000-20,000 investors has been misappropriated by the bank's management....