Srinagar: The Jammu and Kashmir Government on Tuesday signed a Memorandum of Understanding (MoU) with J&K Bank to provide a range of banking, insurance and credit-related benefits to daily-rated workers, contractual employees and other casual workers engaged by the government.
The agreement was signed in the presence of Chief Secretary Atal Dulloo, Financial Commissioner (Additional Chief Secretary) Finance Shailendra Kumar, J&K Bank Managing Director and CEO Amitava Chatterjee, CGM Ashutosh Sareen and other senior officials of the government and the bank.
The MoU was signed by General Manager (RAM/GSS/DLM) Rakesh Magotra on behalf of J&K Bank and Special Secretary Finance Rakesh Kumar Srangal on behalf of the Jammu and Kashmir Government.
The initiative aims to bring contractual employees, casual workers and daily-rated workers under a structured framework of banking convenience and financial protection while strengthening financial inclusion and employee welfare.
Speaking on the occasion, Atal Dulloo appreciated the joint efforts of the Finance Department and J&K Bank in finalising the initiative and expressed confidence that it would significantly enhance the financial well-being and social security of thousands of workers across Jammu and Kashmir.
The Chief Secretary said extending insurance coverage to daily wagers is an important welfare measure as it provides financial protection during unforeseen circumstances and enhances the sense of security among employees.
J&K Bank MD and CEO Amitava Chatterjee said the bank was pleased to extend a comprehensive package of banking and insurance benefits to contractual employees, casual workers and daily-rated workers of the government for the first time.
He said the initiative would improve access to formal financial services while providing an important layer of financial security and support to beneficiaries and their families.
Under the agreement, eligible beneficiaries will receive zero-balance bank accounts along with a range of value-added services, including free debit cards, digital banking facilities, concessional remittance services and access to specially designed credit products.
A key feature of the package is a Group Personal Accidental Insurance cover of ₹5 lakh, along with disability-related insurance benefits, providing an additional social security safeguard for workers and their families.
Officials said the initiative follows sustained consultations between the government and the bank aimed at enhancing the welfare and financial security of contractual employees, casual workers and daily-rated workers across the Union Territory.
