J&K Bank & Govt Partner for Employee Banking & Insurance

Srinagar, Jun 9 (PTI) The government of Jammu and Kashmir on Tuesday signed an agreement with J&K Bank to extend banking, insurance and credit-related benefits to daily-rated workers, contractual employees and other casual workers.

The Memorandum of Understanding (MoU), aimed at bringing contractual employees, casual workers and daily-rated workers under a structured framework of banking convenience and financial protection, strengthens the bank's position as the preferred banking partner of the government of Jammu & Kashmir, an official spokesman said.

Chief Secretary Atal Dulloo, who was present at the signing of the MoU, expressed confidence that the arrangement would significantly enhance the financial well-being and social security of thousands of contractual employees and casual workers.

Extending insurance coverage to daily wagers will not only provide financial protection but also enhance the sense of security and well-being among employees, motivating them to discharge their duties with greater dedication, efficiency, and transparency, the chief secretary said.


"We are pleased to extend, for the first time, a comprehensive bouquet of banking and insurance benefits to contractual employees, casual workers, and daily rated workers of the government," said Amitava Chatterjee, MD and CEO of J&K Bank.

The bank's General Manager, Rakesh Magotra, explained the benefits provided under the agreement.

Eligible beneficiaries will be provided zero-balance accounts along with a range of value-added banking services, including free debit cards, digital banking facilities, concessional remittance services, and access to specially designed credit products.

The package also includes a group personal accidental insurance of Rs 5 lakh as well as disability-related covers.