J&K Bank Family Protection Savings scheme launched. Dr Drabu commends bank for pursuing financial inclusion programme

  • Srinagar
  • 09 Mar 2017

Parvez  bats for value addition in the portfolio of  Bank’s customers

J&K Bank needs to move ahead of financial inclusion, which it has been doing commendably well, and create a comprehensive framework for deepening of financial services within the state. And the bank’s Family Protection Savings Account can be a good beginning in this regard as it’s quite a good liability side product.

J&K Minister for Finance, Labour and Employment Dr Haseeb A Drabu made these remarks at the launch of bank’s Family Protection Savings Account here at SKICC.

Dr Drabu, who was also the Chief Guest on the occasion launched the product in presence of Chairman and CEO Parvez Ahmed, CEO Designate pnbMetlife Ashish K Srivastava. Director Bancassurance PnbMetlife Sameer Bhansal, J&K Bank Executive Presidents, Senior Presidents, Presidents, Vice Presidents and other officers besides executives from Pnb-Metlife were also present on the occasion. Chief Guest also unveiled the Debit Card specially customized for the product on the occasion.   

Notably, the product has been designed in collaboration with PnbMetlife. Comprehensively covering the risk of living too short, the product protects the financial cover of the family of the customer in case of demise against small premium and provides assured monthly income to sustain the families for a certain period of time.

Congratulating J&K Bank for the launch of savings linked insurance product, Dr Drabu said, “The economy of J&K need two things. One is financial inclusion, which J&K Bank is doing very well. But parallel to this must run the process of financial deepening of services now.”

“For most of the stock of our savings is physical mostly either in the form of land or in gold. If we can convert 10 percent of this stock into savings that will be a huge thing for state economy whereby J&K Bank can gather these deposits and put them to some productive use”, he added.

Correcting the perception about low CD Ratio of banks in the state, he said that it was more about the avenues to lend in the state than the reluctance to lend by the banks.  

Urging the management of bank to think and devise innovative ways to leverage the bank’s tremendous emotional equity and immense presence across the state to its maximum, he said, “I feel very comforted by the Chairman J&K Bank’s keen sense of responsibility towards the emotional equity and trust people of state repose in the bank.”

“It is the moral, ethical and professional duty of every member of the J&K Bank to respect it and create further value for all the stakeholders. And I believe that under the leadership of Parvez Ahmed you shall be successful in doing that”, he added.

On the occasion, Dr Drabu along with Parvez Ahmed and Ashish K Srivastava presented mementos to officers of J&K Bank and pnbMetlife who were involved in the productization and customization process of the product.

Earlier, Chairman and CEO, Parvez Ahmed in his Launch speech to the audience called the occasion eventful for the partnership between J&K Bank and Metlife had recently completed its 15 successful years of togetherness.

He said while referring to the tenure of the Finance Minister as Chairman of the Bank, “ During that period the voluminous script of transition and transformation can be condensed to a liner  as Period of Acclaimed glory of Universal Banking Brand with an enhanced Image that earned international reputation  and association of Foreign Institutional Investors who still hold the second largest share in our equity after Government of Jammu and Kashmir.

 Reverting to the  Essence of the  Product Launch, Parvez  recollected the excerpts from his first meeting with the then  Metlife Head in 2001  rewinding that three things that had attracted Metlife to the state were J&K Bank’s robust reputation, strong network and the untapped life-insurance market.

 Emphasising to the people at both sides of the partnership, Parvez described that  as Chairman of the Bank, his only focus was to derive maximum benefits from this partnership for the customers of his Bank who he said were unconditional in reposing their faith and trust on this indigenous Bank who they always believed was their own entity.While advising the Metlife top Brass to ensure maximum value addition to the investments of our customers, Parvez asked his Managers to ensure due diligence, ethical selling with consent and maximum awareness to the cutomers about the benefits of the Metlife  so as to ensure our sincere custodianship of their faith and loyalty
Ashish K. Srivastava, CEO (Interim), PNB MetLife, called the launch of ‘J&K Bank Family Protection Saving Bank Account’ as the significant step towards making the relationship between J&K Bank and pnbMetlife stronger while serving the customers best.

He said, “As many of you know, we embarked on our journey with J&K Bank in 2002 and since then we have covered lives of close to 350,000 customers of J&K Bank with life cover amounting to approx. Rs 11,000 cr. Taking another significant step in this successful journey, today, I am pleased to announce the launch of JKB Family Protection Savings Bank Account. Our benchmark partnership with JKB has given us a strong foundation, to launch this proposition which would help in protecting the financial future of our customer’s families by providing a regular guaranteed income in case of the unfortunate demise of the account holder.”

Speaking at the beginning of the function, Director Bancassurance pnbMetlife Sameer Bhansal congratulated the bank for the launch of ‘J&K Bank Family Protection Saving Bank Account’, which he asserted was the first of its kind as the liability side product.

He said, “Life is not only about deposits and assets but also about protecting your risks if something goes wrong. In that case, this is a product that delivers on all its promises. Against a small premium every year, the families of insured would be provided an assured monthly income to survive and sustain the difficult times in case of customers demise.”

“The product if marketed and sold well holds huge prospect of Rs 15000 Cr business for the bank”, he added.

The function concluded with vote of thanks presented by the bank’s Executive President Abdul Rauf Bhat.