SRINAGAR: The Government of Jammu and Kashmir on Tuesday signed a Memorandum of Understanding (MoU) with JK Bank to provide a range of banking, credit and insurance benefits to daily-rated workers, contractual employees and other casual workers engaged across government departments.
The agreement, described as part of the government’s broader push towards inclusive financial empowerment, was formalised in the presence of Chief Secretary Atal Dulloo and senior officials from the Finance Department and JK Bank, including Financial Commissioner (Additional Chief Secretary) Finance Shailendra Kumar and Managing Director and CEO Amitava Chatterjee.
Under the MoU, the initiative aims to bring thousands of such workers into a structured financial framework, offering them improved access to formal banking services along with social security cover.
Speaking on the occasion, Chief Secretary Atal Dulloo said the initiative would significantly improve the financial well-being of contractual, casual and daily-rated workers across Jammu and Kashmir. He said extending insurance coverage to such workers would not only provide financial protection in times of need but also enhance their sense of security and motivation in service delivery.
JK Bank MD and CEO Amitava Chatterjee said the institution had consistently partnered with the government in advancing financial inclusion initiatives. He said the latest agreement would, for the first time, provide a comprehensive package of banking and insurance benefits to this category of workers, strengthening their access to formal financial systems and support mechanisms.
Earlier, General Manager (RAM/GSS/DLM) Rakesh Magotra briefed the meeting on the scope and framework of the agreement, including the benefits extended under the scheme.
As per the MoU, eligible beneficiaries will be provided zero-balance savings accounts along with free debit cards, digital banking services, concessional remittance facilities and access to specially designed credit products. The package also includes a group personal accident insurance cover of Rs 5 lakh, in addition to disability-related insurance benefits.
Officials said the initiative follows sustained deliberations between the government and the bank aimed at improving welfare measures and strengthening financial security for this segment of the workforce.
