June 8, 2022 10:54 pm

J&K Rolls Out Rs 15L Insurance Cover For Govt Employees


Srinagar- The Union Territory Lieutenant Governor, Manoj Sinha on Wednesday rolled out ‘Accidental Insurance Scheme’ for all the government employees under which Jammu and Kashmir Bank will extend free group personal insurance cover of Rs 15 lakh to all the employees.

The LG also launched J&K Bank’s ‘Phone Pe Loan’ facility for the government employees.

According to an official spokesperson, the LG said that people-centric initiatives such as ‘Phone Pe Loan’ & ‘Accidental Insurance Cover’ will ensure hassle-free credit flow and social security net for employees.

Sinha, he said, also asserted that people-centric initiatives such as ‘Phone Pe Loan’ & ‘Accidental Insurance Cover’ will ensure hassle-free credit flow and social security net for employees.

“J&K Bank, with a strong & diversified banking system and serving all sectors of the economy, is reaching out to all sections of society for financial inclusion & delivering financial services to the last man in queue,” the LG said.

“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 & reliable banks in the UT,” he added.

The free Group Personal Insurance Cover is extended to all the permanent employees of J&K Government in addition to the offers that they are entitled to on behalf of MoU between J&K Bank and J&K Government. The Bank has contracted with Oriental Insurance Company for extending the cover.

The policy for group accidental insurance shall cover personal accidental deaths under all circumstances including terrorism, on anytime and anywhere basis.

The insurance company will be required to settle the claims within 15 working days of submission of all requisite papers.

According to the spokesperson, the LG directed the bank to enhance the insurance amount from Rs.15 Lakh to Rs.25 Lakh from the next financial year.

Highlighting several steps being taken to end the non-transparent credit culture and to bridge the gap in credit availability, the LG, he said, maintained that the UT government is making dedicated efforts to strengthen the credit flow system.

“Higher credit flow was witnessed in Agriculture, MUDRA, small scale industries, SHGs & promotion of entrepreneurship, infrastructure related investment,” Sinha said.

“Financial assistance is being extended to the enterprising Youth from panchayats to realize their dreams and transform their entrepreneurial ideas into reality. Last year, 44,403 young boys and girls, Self-Help Groups were provided financial assistance. In the first 4 months of this year, 3,407 youth have been turned into entrepreneurs by this financial assistance,” he added.

The LG, as per the spokesperson said that under Prime Minister’s Stand Up India Mission, 1560 beneficiaries have received the credit of Rs 10 lakh to One crore for starting their business ventures.

“More than 2.62 lakh accounts have been opened, and Rs 5696 crore has been disbursed to small and micro-entrepreneurs under the MUDRA Yojana. For the first time, the street vendors of Jammu and Kashmir have been connected with the banking facility and loan has been disbursed to 14,682 beneficiaries till date,” the LG said.

“J&K Bank has been the leader in implementing Pradhan Mantri Jan-Dhan Yojana, connecting poor families to the formal financial system. Out of the 43 lakh accounts under this scheme, 25.65 lakh accounts were opened in Jammu and Kashmir Bank alone,” he added.

The spokesperson said that the LG also enlisted the measures taken to reach out to the population living in such areas as remained disconnected with the banking and financial system.

“As many as 99 villages out of the 104 villages in the UT with population above 5000 with no banking outlets have been connected to the financial system and the remaining villages will be covered soon. Besides, 147 small villages, which were outside the financial sector were also being linked with banking facility,” the LG added.

Under ‘Phone Pe Loan’ scheme, the spokesperson said, the salaried employees can avail personal consumption loan and cash credit facilities at discounted rate of interest.

Chief Secretary Dr Arun Kumar Mehta and MD & CEO, J&K Bank Baldev Prakash also spoke on the occasion.

“J&K Bank has registered an annual net-profit of Rs 501 Cr for the Financial Year 2021-22, which is the best performance of the bank in the last seven years,” the spokesperson added.

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