Jammu, Jan. 2 -- The Jammu & Kashmir State Cooperative Agriculture and Rural Development (SCARD) Bank Ltd. has been grappling with prolonged operational and financial difficulties, prompting the government to approve its liquidation, officials said on Thursday.
According to the Cooperative Department, the bank's challenges stem from weaknesses in governance and internal control mechanisms, poor loan recovery performance, and limited access to refinance support from the National Bank for Agriculture and Rural Development (NABARD). Collectively, these factors have significantly affected the bank's financial health and routine operations.
The issues were examined in detail by the Cooperative Department in close consultation with NABARD. Base...