LG Manoj Sinha launches J&K Bank's Phone pe Loan and Accidental Insurance Coverage for J&K Government employees.

  • Srinagar
  • 08 Jun 2022

LG Manoj Sinha launches J&K Bank's Phone pe Loan and Accidental Insurance Coverage for J&K Government employees

Says, "J&K Bank has emerged as one of the most trusted and reliable banks in the UT"

I wish to see this institution as the best bank of the country in near future: Dr A K Mehta

With consistent reforms in the last two years, J&K Bank has demonstrated resilience in adapting to the challenges, and emerged as one of the most trusted and reliable banks in the UT.

Lieutenant Governor (LG) Manoj Kumar Sinha today stated this after launching the J&K Bank's Phone-pe-Loan facility and Group Accidental Insurance Coverage for employees of J&K Government in presence of Chief Secretary Dr Arun Kumar Mehta and Bank's MD & CEO Baldev Prakash. On the occasion, LG also handed over loan-sanction letters to the beneficiaries for various activities under Prime Minister's Mudra Yojana Scheme.

Being part of the country-wide events going on under 'Azadi Ka Amrit Mahotsav' celebrations, the function at the corporate headquarters was attended by bank's General Managers, Deputy GMs, AGMs and other officers of the Bank besides many beneficiaries of PM Mudra Yojana Scheme.

Appreciating the role and performance of the Bank, Lieutenant Governor said, "We are happy to see J&K Bank going in right direction and with the emotional bond between the Bank and people of Jammu and Kashmir getting further strengthened during the last few years, we expect better results from the Bank in future."

"Several steps have been taken to end the non-transparent credit culture and to bridge the gap in credit availability", LG said, adding, "Higher credit flow was witnessed in Agriculture, MUDRA, small scale industries, SHGs and promotion of entrepreneurship, infrastructure related investment. And people-centric nitiatives such as 'Phone Pe Loan' & 'Accidental Insurance Cover' will ensure hassle-free credit flow and social security net for employees." However, he directed the Bank to explore possibilities of enhancing the insurance amount.

Commending the Bank's performance under Prime Minister's Jan Dhan Yojana, he further said, "J&K Bank has played a major role in implementation of PMJDY in J&K, and for me, Bank's growing proximity with the common people of J&K is one of the most transformative facts of last few years. For, to connect people on the last mile of development with formal channels of banking and alleviate their economic woes is akin to fulfilling the national vision of growing and inclusive economy."

On the occasion, he appreciated the Bank's recent performance and expressed hope that the Bank will continue to flourish while keeping its doors always open for the common people of J&K.

Earlier, in his address, Chief Secretary Dr Arun Kumar Mehta acknowledged that reinforcement of culture of compliance and transparency was visible in the overall functioning of the Bank. He praised the Bank for its leading role in financial inclusion and digital service initiatives, which he said, have been acknowledged and awarded at the national level also.

"I have a special relation with this Bank and having been closely associated with it for last many years, I have seen that the bond between people and J&K Bank here is unbeatable", he said.

Besides reiterating the UT Government's commitment to back and support the Bank always, he emphasized upon the Bank to keep track of its borrowers especially entrepreneurs for their hand-holding and capacity-building so as to make their own loans secure while making sure that the aspiring youth realize the dreams of livelihood generation for themselves and others. "I wish to see this institution as the best bank of the country in near future", Dr A K Mehta said.

Earlier, in his welcome address, MD & CEO Baldev Prakash gave a detailed overview of the Bank's vital role in the socio-economic development of J&K. He highlighted the contributions made by the Bank under Union Government's Atma Nirbhar Bharat Abhiyaan during Covid19 to safeguard and revive the businesses in J&K while rescuing the lower rungs of society by providing them small ticket loans under PM SVANidhi.

He further assured that the Bank will extend every possible support to the UT Government's vision of providing self-employment to 4.5 lac youth of J&K in next few years while playing the leading role in achieving the Union Government's vision of inclusive economy especially in J&K, adding, "While doing all this, we promise to take all our stakeholders along to make J&K Bank one of the best, trusted and transparent organisations in the country." The event concluded with Bank's General Manager Syed Rais Maqbool delivering the vote of thanks.

Notably, all the Government employees of J&K can avail the Phone-pe-Loan facility anytime, anywhere and can get the requested eligible amount, under Bank's Personal Consumption Loan and Cash Credit for Salaried Employees, disbursed within few hours. No Pre-sanction or post-sanction documents will be required for disbursal of loan. Moreover, all the Govt employees drawing their salary from J&K bank - with a debit card linked to their salary account and having used the said card at least once during last 45 days on any ATM, POS machine or online platform - are eligible for the free Group Personal Accidental Insurance Cover from the Bank.

Meanwhile, as part of ongoing iconic-week celebrations of 'Azadi Ka Amrit Mahotsav' across the country, the Bank also conducted 'customer outreach campaigns' in all the districts of J&K wherein sanction letters were distributed among the beneficiaries under various credit schemes besides enrolment of beneficiaries under Jansurakhsha schemes i.e. PMJJBY, PMSBY and APY. During these campaigns people were also educated about basics of financial literacy along with products and services offered by the Bank for financial empowerment.