https://www.taxtmi.com/news?id=71137 Liquidation proceedings for SCARD Bank Ltd have been initiated under the Cooperative Societies Act due to accumulated losses, weak governance, poor loan recovery and liquidity pressures; the bank is not registered under the Banking Regulation Act and thus lies outside RBI purview. A comprehensive KYC verification of claims is complete and, following a winding-up order and appointment of liquidators, duly verified depositor claims will be settled in phased manner strictly pursuant to statutory provisions and the prescribed order of priority. Deposit insurance and credit guarantee mechanisms do not apply; the government has compiled depositor liability projections and may consider budgetary provisioning. en-us Thu, 19 Feb 2026 21:46:05 +0530 Thu, 19 Feb 2026 21:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=71137 Liquidation proceedings for SCARD Bank Ltd have been initiated under the Cooperative Societies Act due to accumulated losses, weak governance, poor loan recovery and liquidity pressures; the bank is not registered under the Banking Regulation Act and thus lies outside RBI purview. A comprehensive KYC verification of claims is complete and, following a winding-up order and appointment of liquidators, duly verified depositor claims will be settled in phased manner strictly pursuant to statutory provisions and the prescribed order of priority. Deposit insurance and credit guarantee mechanisms do not apply; the government has compiled depositor liability projections and may consider budgetary provisioning. News - Thu, 19 Feb 2026 21:46:05 +0530 https://www.taxtmi.com/news?id=71137