SRINAGAR — Lieutenant Governor Manoj Sinha on Wednesday rolled out ‘Accidental Insurance Scheme’ for employees of the J&K Government. Under the scheme, Jammu & Kashmir Bank will extend free group personal insurance cover of Rs 15 lakh to all the employees.
The Lieutenant Governor also launched J&K Bank’s ‘Phone Pe Loan’ facility for the government employees. He 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.
J&K Bank, with a strong and diversified banking system and serving all sectors of the economy, is reaching out to all sections of society for financial inclusion and delivering financial services to the last man in queue, the Lieutenant Governor observed.
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 and reliable banks in the UT, said the Lieutenant Governor.
The Lieutenant Governor 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 bridge the gap in credit availability, the Lieutenant Governor said 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 and promotion of entrepreneurship, and infrastructure related investment, the Lieutenant Governor added.
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 four months of this year, 3,407 youth have been turned into entrepreneurs by this financial assistance, the Lieutenant Governor said.
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 Lieutenant Governor added.
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 further added.
The Lieutenant Governor 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, he added.
Dr Arun Kumar Mehta, Chief Secretary congratulated the J&K Bank on the occasion, and commended its continuous efforts for extending hassle-free banking services to the people.
Baldev Prakash, MD & CEO, J&K Bank, speaking on the occasion, expressed gratitude to the UT Government for extending support to the Bank for its effective functioning.
J&K Bank has registered an annual net-profit of Rs 501 crores for the financial year 2021-22, which is the best performance of the bank in the last seven years, he informed.
On the occasion, the Lieutenant Governor also handed over Pradhan Mantri MUDRA Yojana sanction letters to the beneficiaries.
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 militancy, 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.
Under ‘Phone Pe Loan’ scheme, the salaried employees can avail personal consumption loan and cash credit facilities at discounted rate of interest, it was informed.
The launching event for several schemes of J&K Bank was organized by the bank in connection with ‘Azadi Ka Amrit Mahotsav’.
Syed Rais Maqbool and Chetan Paljor – General Managers J&K Bank, besides other senior officers of the bank were present on the occasion at the auditorium of J&K Bank Corporate Headquarters.
AC approves scheme for promotion of PM package employees
In a bid to streamline the career progression of employees engaged under the Prime Minister’s Development Package, the Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, on Wednesday approved the scheme for promotion of the PM package employees.
This will remove the bottleneck in career progression of employees appointed under the PM package.
Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary, J&K and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.
The scheme envisages maintaining a separate seniority for Kashmiri Migrant employees appointed under the PM package, by respective appointing departments which will run parallel to the seniority of regular employees and will take effect from the date of appointment against the supernumerary posts under the PM Package.
Accordingly, the Administrative Council sanctioned creation of pre-facto supernumerary posts at corresponding higher levels to pave way for timely career progression of Kashmiri Migrant employees, by reducing the supernumerary posts at lower levels in the same ratio. However, these promotions will be based on seniority and eligibility requirements as per the recruitments rules.
Further, for maintaining the spirit of the PM Package, all posts under the PM Package have been re-designated as divisional level posts in Kashmir Division. The new structure will provide avenues for in-situ promotion to all PM Package employees as per eligibility and seniority.
The implementation of the scheme will be monitored at the highest level to ensure that the eligible employees avail the benefits of the scheme at the earliest.
Pertinently, during the financial year 2008-09, Prime Minister’s Package was rolled out for return and rehabilitation of Kashmiri Migrants to the Kashmir valley which included various incentives like Housing, Employment, Transit Accommodations etc.
The employment component of the package extended employment to 6000 eligible candidates by creating various supernumerary posts in different departments.