Scores of customers have accused the J&K State Cooperative Agriculture and Rural Development (SCARD) Bank Limited Chrar-e-Sharif branch of withholding their fixed deposits and maturity amounts for nearly a year, sparking public outrage in central Kashmir’s Budgam district.
Since August 2024, the branch has allegedly failed to return deposits worth crores of rupees to its customers, they alleged.
“We have been depositing the amount in the bank for the last 8-10 years. Our deposits and policies matured in August 2024 but unfortunately they are withholding the deposits and maturity claims without any reason,” said Ghulam Qadir Wani.
The bank, he said, is withholding his Rs 18 lakhs deposits and maturity claims.
“We have been made to suffer by the Bank. For our own money, we are begging the bank officials to return our deposits and maturity claims but they are adopting a dilly dallying approach,” he said.
The customers allege the bank owes over Rs 3.20 crore to people in Chrar-e-Sharif area. “We have deposited over Rs 3 crores in the bank branch over the years and they are not returning our money. Not a single penny has been paid to us since August 2024”.
“Every time we visit the branch, we are told the same thing: ‘There is no money. Come next week.’ It’s a complete violation of trust,” said another customer Abdul Rahim Sodagar, whose deposits have been withheld by the bank.
He said the bank branch brings only that amount of money, which is sufficient to pay the salaries of its employees and run its branch.
“They are not disbursing any amount to us,” he said.
The customers have submitted written complaints to the district administration, the Cooperative Department and even met the Managing Director of the bank some time back.
“Despite repeated assurances, no concrete action has been taken so far,” he said.
“We have been running from pillar to post for the past 10 months. We are not demanding loans. We are demanding the return of money that we deposited in the bank over the years,” said another customer Ghulam Nabi Wanpora.
The depositors alleged that the bank had collected substantial sums under various saving and fixed deposit schemes but when the time came to return the money, the branch cited lack of funds. “This process has been going on for the last 10 months”.
The affected customers staged a protest outside the Chrar-e-Sharif branch of the bank on Saturday, demanding return of their money and intervention from the Lieutenant Governor’s administration.
The lack of clarity from the bank has only deepened public anxiety.
“We trusted this bank because it was promoted as a cooperative for farmers and rural people. Now we’re begging for our own money,” said Showket Ahmad Wani.
The aggrieved depositors have urged J&K Government, Registrar of Cooperative Societies and the concerned authorities to intervene and launch an independent investigation and ensure full repayment of all their dues.