J&K Police, J&K Bank sign MoU, Bank to provide preferential banking services, benefits to J&K Police

Srinagar: The Jammu and Kashmir Police and Jammu and Kashmir Bank on Friday 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 the slain cops of J&K Police.
The Memorandum of Understanding (MoU) was signed by the Director General J&K Police Dilbag Singh and Managing Drector & CEO J&K Bank Baldev Prakash here at Police Headquarters on Friday in presence of top officers J&K Police and top executives og J&K Bank.
Addressing the event the DGP J&K Police Dilbag Singh thanked MD & CEO J&K Bank Baldev Prakash for extending enhanced services to the J&K 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 extending preferential banking services and benefits to families of the slain cops of J&K Police as also to the families of slain 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 J&K Police, J&K bank has also it’s footprints everywhere in Jammu and Kashmir and added that both the institutions have pivotal responsibility for 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 future. He also said 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.
Meanwhile, the MD & CEO J&K Bank Baldev Prakash at the very outset of his address paid rich tributes to the slain cops of J&K Police 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 economic development of 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 J&K Police for providing its security and support to the J&K 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 J&K Police and this time J&K bank has come up with enhanced banking benefits for J&K 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.
Earlier, in his welcome address, the ADGP headquarters while thanking J&K Bank for extending enhanced benefits to the J&K Police personnel including SPOs and families of slain J&K Police personnel said “We are witnessing Naya Jammu and Kashmir in terms of peace and development”, adding therein that J&K Police has been playing pivotal role in strengthening peace and J&K 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 slain cops of J&K Police under this MoU.
On this occasion, Ashutosh Sareen General Manager gave Power Point presentation regarding the MoU while AIG (Welfare) PHQ Abhishek Mahajan conducted the proceeding of the ceremony and said that by this virtue, the bank will provide Rs 15.00 lacs to NoK of slain cops of J&K Police, 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 slain SPOs, Rs 6.00 lacs to SPOs who become permanently totally disabled, Rs 3.00 lacs to SPOs who become permanently partially disabled in militancy related activities or law and order incidents, besides it will also provide Rs 20,000/- for repatriation of mortal remains of the slain cops of J&K Police and Payment of Rs 15, 000/- on account of ambulance charges. Moreover, it will also extend various facilities concessions/ Relaxations towards/NoK of the slain cops of J&K Police which include most favoured 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 management of enterprise accounting procedures and other necessary technical knowhow.
Furthermore, 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 Dy SP upto SSP, Gold card for ASI upto Inspector and Silver card for all other Police Personnel. It will also provide zero balance account, free international debit card with different transaction limits, “Add-on-Card” to the spouse or nominee, free multicity cheque book, smart saver account facility, free digital banking services, 25% Concession on Locker rent to Saving J&K Bank Platinum and Diamond salary account holders. The gross deduction for computation of 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 favour of employees, spouse and children, Group Personal Accidental Insurance cover of Rs 25.00 lacs in favour of Police Personnel/ SPOs. J&K police shall be entitled to all the incentives, product offerings, relaxations offered to permanent employees of J&K state Govt.
The J&K Bank shall provide 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 fee on personal, auto, home and education loans and shall provide a discount of upto 25 bps to employees of J&K Police 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 guarantee for securing the loans availed by the police personnel under personal finance segment like car loan, housing loan (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 within two working days.
In addition to these services, J&K Bank will extend the support and counselling to the personnel of J&K Police by way of organising Financial Literacy Camps at various centres of J&K Police, covering dos and don’ts regarding net banking, debit card, mobile banking and other products & services. Under the MoU, J&K Bank gave most favoured client status to J&K Police and J&K Police gave most favoured 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.
Moreover the Spl DG Crime J&K A.K Choudhary, ADGPs M.K Sinha, Vijay Kumar, IGP (Headquarters/CIV), Bhim Sen Tuti, DIsG Sujit Kumar, Vivek Gupta , Javid Ahmad Koul , Haseeb-Ur-Rehman, Abdul Qayoom, Javaid Iqbal Matoo, SSP Srinagar, All AIGs of PHQ and FA & CEO PHQ attended the function at PHQ while ADGP Jammu Zone Mukesh Singh, Director SKPA Udhampur Garib Dass, all range DIsG, District SSsP, Commandants, Principal Police training centers attended the function through video conferencing. However, from J&K Bank besides the MD & CEO of J&K Bank, Executive Director Sudhir Gupta , General Managers Ashutosh Sareen, Narjay Gupta, Syed Rais Maqbool, Syed Shafat Hussain, Deputy Managers Arshad Hussain Dar, Nishikant Sharma, Assistant Manager Suhail Ahmad Lone, Manager Showket Ahmad Kambay, PRO J&K Bank , Aijaz Ahmad and Adil Bashir attended the signature ceremony.