Srinagar: The Jammu and Kashmir Police and Jammu and Kashmir Bank today signed a Memorandum of Understanding (MoU) wherein the bank will provide enhanced preferential banking services and benefits to the J&K Police personnel and NoK, wards of J&K Police martyrs.
The Memorandum of Understanding (MoU) was signed by the Director General of Police J&K Dilbag Singh and MD & CEO of J&K Bank Baldev Prakash here at Police Headquarters today in the presence of top officers and Executives of J&K Police and J&K Bank.
While addressing the gathering, the DGP thanked the MD & CEO of J&K Bank Baldev Prakash for extending enhanced services to the JK Police Pariwar. He also appreciated ADGP Headquarters and his team for its efforts in making this MoU possible. He said that it has been the commitment of J&K Police to hold the hands of families of martyrs firmly and added that JK bank under this new MoU extends preferential banking services and benefits to families of J&K Police martyrs as well as to the families of martyr SPOs is a welcome step.
He highlighted the role and efforts of J&K Police for strengthening peace and development in Jammu and Kashmir. He said like JK Police, JK Bank has its footprints everywhere in Jammu and Kashmir and added that both institutions have pivotal responsibility for the peace and stability of Jammu and Kashmir. He hoped that the bank would extend more benefits to the members of police Parwar including the retired police personnel in the future. He informed that while signing the MoU all the DDOs are witnessing the ceremony aimed to ensure all members of J&K Police would get benefitted from it.
MD & CEO J&K Bank Baldev Prakash at the very outset of his address paid rich tributes to the J&K Police martyrs who sacrificed their lives for peace and stability of Jammu and Kashmir. He said that J&K Police has been working day in and day out to secure the lives of the people and added that JK bank has also been working in a mission mode for the economic development of the people of Jammu and Kashmir. He said that because of the improvement in the overall security scenario, the banking sector has also benefited as its business has increased.
He expressed gratitude to JK Police for providing its security and support to the JK bank. He said J&K Bank with J&K Police would continue its mission for peace and development of Jammu and Kashmir. He said that J&K bank over the years has been sharing cordial and close relations with JK Police and this time JK bank has come up with enhanced banking benefits for JK Police personnel. He extended his gratitude to the J&K Police Pariwar for its service to the people of Jammu and Kashmir and for the country.
In his welcome address, the ADGP headquarters while thanking J&K Bank for extending enhanced benefits to the JK Police personnel including SPOs and families of martyrs said that we are witnessing Naya Jammu and Kashmir in terms of peace and development. He said that JK Police has been playing a pivotal role in strengthening peace and JK bank has been instrumental in speeding up the developmental process in J&K. He also briefed about the benefits being extended to JK Police personnel and families of martyrs under this MoU.
Ashutosh Sareen General Manager gave a powerpoint presentation regarding the MoU while AIG (Welfare) PHQ Abhishek Mahajan conducted the proceedings of the ceremony.
By virtue of this MoU, the bank will provide Rs 15.00 lacs to NoK of Police martyrs, Rs 15.00 lacs to Police Personnel who become permanently totally disabled, Rs 7.50 lacs to Police Personnel who become permanently partially disabled, Rs 6.00 lacs to NOK of SPO martyrs, Rs 06.00 lacs to SPOs who become permanently totally disabled, Rs 3.00 lacs to SPOs who become permanently partially disabled in terrorism-related activities or law and order incidents, besides it will also provide Rs 20,000/- for repatriation of mortal remains of Police Martyrs and Payment of Rs 15, 000/- on account of ambulance charges.
It will also extend various facilities concessions/ Relaxations towards/NoK of martyrs which include the most favored client status, Customized banking services like No Average Quarterly Balance (AQB) requirement/average monthly balance (AMB) requirement Free cheque book facility, No ATM transaction charges across banks ATM networks Free digital banking services, etc., Anywhere Banking facility across Bank’s extensive net, Additional interest rate concession of 100 bps on Education Loans, 100% waiver of LPC on commercial vehicle finance, Collateral free Commercial vehicle loans with quantum upto Rs 10 lacs, Counseling and training through RSETIS located in districts of J&K regarding the management of enterprise accounting procedures and other necessary technical knowhow.
The J&K Bank will provide customized Saving Bank Account variants for Police Personnel from Constable to General level rank, Platinum card for IGP and higher ranks, Diamond card for DySP up to SSP, Gold card for ASI up to Inspector, and Silver card for all other Police Personnel. It will also provide a zero balance account, a free international debit card with different transaction limits, an “Add-on-Card” to the spouse or nominee, a free multicity cheque book, a smart saver account facility, free digital banking services, a 25% Concession on Locker rent to Saving JKB Platinum and Diamond salary account holders. The gross deduction for the computation of the loan amount shall be relaxed.
Under this MoU there will be Nil Average Quarterly Balance (AQB) requirement/ average monthly balance (AMB) requirement (compared to General Saving Account) to the family members (parents, spouse, and children) of police personnel, No issuance/usage charges for ATM cum Debit Card in favor of employees, spouse, and children, Group Personal Accidental Insurance cover of Rs 25.00 lacs in favor of Police Personnel/ SPOs. J&K police shall be entitled to all the incentives, product offerings, and relaxations offered to permanent employees of J&K state Govt.
J&K Bank shall provide an overdraft facility in the form of “J&K Bank Cash Credit Scheme” with a maximum quantum of 6 month’s Salary or Rs.06.00 Lacs (Whichever is lower). It shall waive off processing fees on personal, auto, home, and education loans and shall provide a discount of up to 25 bps to employees of JKP under all personal loan schemes provided the effective rate does not fall below the benchmark.
J&K Bank may in its absolute and sole discretion, waive off the requirement of obtaining a guarantee for securing the loans availed by the police personnel under the personal finance segment like car loans, and housing loans (for construction/purchase only). In case personnel of J&K Police seeking loans other than those to be secured by way of mortgage, the documents shall be verified/disposed of within two working days.
In addition to these services, J&K Bank will extend support and counseling to the personnel of J&K Police by way of organizing Financial Literacy Camps at various centers of J&K Police, covering dos and don’ts regarding net banking, debit card, mobile banking, and other products & services.
Under the MoU, JK Bank gave the most favored client status to J&K Police and J&K Police gave the most favored banker status to J&K Bank. J&K Bank and J&K Police will form a central coordination team which would co-ordinate with each other so that desired service levels are maintained.
