The Jammu and Kashmir government has assured depositors of the State Co-operative Agriculture and Rural Development Bank that their funds are safe as it begins the process of appointing a liquidator following a Rs 181 crore issue raised in the Legislative Assembly during Zero Hour, media reports say.
Speaker Abdul Rahim Rather called it serious. Minister Dar said the process will finish within one to two months, assuring strict action against those involved.
The bank remains under government control and is not under the Reserve Bank of India. Depositors were told funds are government backed and secure overall in the region today.