Srinagar, Oct 23: Strengthening its longstanding institutional relationship with the Government of Jammu and Kashmir, J&K Bank today signed a Memorandum of Understanding (MoU) with Government of Jammu & Kashmir to provide customised, hassle-free and personalised banking services to all permanent Govt. employees. The agreement reinforces the Bank’s preferred banker status while enhancing financial protection for employees and their families with convenient banking and preferential financial services.
The MoU was signed in presence of Financial Commissioner(Additional Chief Secretary ) Finance Department, Sh. Shailendra Kumar (IAS) & MD & CEO J&K Bank Sh.Amitava Chatterjee.
Chief General Manager (Credit) Sh. Ashutosh Sareen and Director General (Resources) Finance Department Sh.Mohd Youqub Ittoo signed on behalf of the J& K Bank and Finance Department ,Government of Jammu & Kashmir respectively. J&K Bank’s Chief General Manager Sh.Imtiyaz Ahmad Bhat and Director (Resources) Finance Department Sh. Mazhar Hussain Khan and other senior officers of Finance Department & J& K Bank were also present on the occasion.
In his remarks Financial Commissioner ( Additional Chief Secretary ) Finance Department Sh. Shailendra Kumar said, “The welfare of our employees and the financial security of their families remain of paramount importance & priority for the Government of Jammu & Kashmir.This agreement brings meaningful benefits through enhanced insurance protection, preferential credit facilities and convenient banking services.”
“The substantial increase in accident cover provides a stronger financial safeguard for families in difficult circumstances. We appreciate J&K Bank’s commitment to this partnership and look forward to effective implementation so that Govt. employees receive the intended benefits”, he added.
Speaking after the signing in ceremony, MD & CEO Sh. Amitava Chatterjee said, “Our longstanding relationship with the J&K Government is anchored in shared trust and a commitment to serving the people. Through this agreement, we are strengthening that trust with benefits that address the financial needs of Govt . employees and the security of their families. The enhanced insurance protection, together with customised banking and credit facilities, reflects our commitment to delivering greater value to this important relationship”
A key enhancement under the five-year agreement is the increase in Group Personal Accidental Insurance cover from Rs 25 lakh to Rs 1 crore. The package also provides air accidental insurance cover of Rs 1.35 crore, permanent total disability cover of Rs 75 lakh and permanent partial disability cover of Rs 55 lakh.
Additional protection includes children’s higher education benefits of Rs 8 lakh for a male child and Rs 10 lakh for a girl child following the insured employee’s death, girl child marriage cover of up to Rs 10 lakh and air ambulance cover of Rs 10 lakh, subject to applicable terms & conditions.
The banking package includes zero-balance accounts, free international debit cards and spouse add-on cards, lifetime-free RuPay credit cards and a 25-basis-point concession on applicable personal loan rates, subject to the prescribed benchmark floor. Processing fees on personal, auto, home and education loans for the permanent employees of the J&K Government are waived.
Eligible Govt. employees can also avail overdrafts of up to Rs 6 lakh within a maximum of six months’ salary, collateral-free education loans of up to Rs 10 lakh for their wards, 100% financing for new cars and two-wheelers, and housing repair or renovation loans of up to Rs 10 lakh without property mortgage against a negative lien. These facilities will be subject to applicable eligibility and scheme terms.
