J&K Bank signs MoU with State Government

  • Srinagar
  • 12 Sep 2018

Confers Most Favoured Client Status to State Government employees

J&K Bank today signed a Memorandum of Understanding (MoU) with J&K Government, wherein the bank has bestowed most favored client status to the employees of J&K Government. Simultaneously, J&K Government has declared J&K Bank as a preferred Banker for its exclusive dealings regarding all banking related services. 
The MOU was signed by Principal Secretary Finance, J&K Government, Naveen K Chaudhry and J&K Bank Chairman & CEO Parvez Ahmed. Also present on the occasion were J&K Bank Presidents, Mohammad Maqbool and Sunil Gupta, senior officials of the state government including directors of finance of all departments and functionaries of the bank.

Addressing the audience, Naveen Chaudhary highlighted the role and importance of J&K Bank towards banking needs of the state government and common people alike.
“JK Bank is people’s bank for the people of J&K state. Considering J&K government has 60 percent shareholding in the bank, every citizen of the state is a shareholder and stake owner of J&K bank. It’s both a matter of pride and introspection that J&K bank is the only listed company from the state and we expect the JK bank will encourage and support other companies in this direction,” said Naveen.

“I am excited to get this opportunity to sign the MoU which gives special status to the state government employees,” he added.

Further elaborating on the time tested relationship of state government with J&K Bank, he said, “J&K bank primary focus has been on the economic and social prosperity of people of the state. The CD ratio of J&K Bank around 74 percent is much higher than other banks operating in the state. I personally have the privilege of dealing with this bank as government representative and it is evident how bank has evolved over the last couple of years since current Chairman has taken over the affairs of the bank.  

The principal secretary further directed the directors of finance that there should be no deviation from the government directive regarding maintaining all the accounts and funds exclusively with J&K Bank.

Speaking on the occasion, Chairman and CEO J&K Bank, Parvez Ahmed said, “Today’s MoU has further strengthened our relationship with the state government. Our focus is on the socio-economic development of the J&K people and we believe prosperity of the people of J&K state coincides with the prosperity of J&K Bank ”.

“As a commercial bank, J&K Bank is unique in its operations as it is the only bank in the country having majority shareholding by the state government. The government has always encouraged the bank management in having the complete autonomy in managing the affairs with complete operational freedom and be on the forefront in driving the socio-economic agenda of the state,” he added.

Elaborating on the benefits under MoU to state government employees, Chairman said, “Under the Most Favored Client  status, the permanent state government employees would be apart from other benefits getting free International Debit card with daily cash withdrawal limit up to Rs.2.50 lacs, interest rebate on all loans, waiver of loan processing charges, locker facility at concessional rates etc.

The chairman expressed his gratitude to Naveen Chaudhary for his personal interest in encouraging the endeavour and steps taken by the bank over the years. “I am personally thankful to Naveen Ji for his efforts and support during these testing times,” said Chairman.

He assured that the service standards of the bank are being scaled to such a level that for employees the bank always remains a preferred choice. Meanwhile, the chairman informed the audience that the bank has recently set up a digital banking desk in the civil secretariat for convenience of employees. He further announced the establishment of an exclusive IT services centre for providing support and resolution of issues to all  the government employees on day to day basis.

Notably as per agreement, the bank shall ensure that all the financial requirements of the permanent J&K Government employees are met promptly and efficiently through suitably customized services.

The Bank shall extend the support and counselling to the permanent employees of J&K Government by way of organizing Financial Literacy Camps at various centers educating them about the dos and don’ts regarding net banking, debit card, mobile banking and other products & services.

Meanwhile the Chairman held an interactive session with the audience present on the occasion and assured them hassle free services with top priority to the resolution of issues, if any, on real time basis.