JK Bank Chairman announces reduction in interest rate to 11.90%, donation to welfare fund of the PCJ


JK Bank Chairman & CEO Parvez Ahmed on Saturday felicitated by the Press Club of Jammu (PCJ) at an impressive function held here at the Club.

The Chairman, on the occasion, rolled out “JK Bank Sahafat Finance Scheme” for journalists and others working in various media organisations in presence of Bank’s Executive Presidents Vagesh Chander, S S Sehgal, President Press Club Ashwani Kumar, Vice President PCJ Abhimanyu Sharma, Secretary Finance PCJ Dinesh Manhotra and senior management of the bank, senior journalists and personnel working with different newspapers, channels and other media outlets, said a spokesman in a Statement.

In a statement spokesman said, PCJ management headed by its President Ashwani Kumar presented a memento and a shawl to the chairman Parvez Ahmed. Besides, the chairman was presented honorary membership of the club on the occasion.

While addressing the club members and media personnel, Chairman Parvez Ahmed appreciated their role in maintaining the credibility of an institution of Journalism while working in difficult conditions. He made certain significant announcements on the occasion, which include a reduction in Rate of Interest by 30 basis points for the Sahafat scheme, a donation of Rs. 5.00 lacs to the Welfare Fund of Journalists of the club and adoption of Press Conference Hall of the club in the memory of late Ashok Sodhi for renovation and upgradation. The chairman also announced installation of automated teller machine (ATM) and cash deposit machine (CDM) in the precincts of the club.

“On the insistence of media community, we have decided to reduce the rate of interest of this scheme by 30 basis points which now stands at 11.90 percent,” the chairman said.

The chairman further said, “It is a matter of pride and gives me immense pleasure to roll out this tailor-made scheme for the journalist community at this venue which was started by the stalwarts of journalism in our state. We both share the common legacy of serving to empower the people. The Bank appreciates the role of media in highlighting the important issues of local and national importance. The launch of this product is an effort which signifies our recognition of media as a viable economic sector, represented by very passionate and talented people. To name a few, people like Sham Koul, Ved Bhasin, Kamal Romitra, M L Kak, O N Koul, Ashok Handoo, Ashwani Kumar and Ashok Sodhi have played an exemplary role in the field of journalism.”

Expressing his gratitude for felicitation by Jammu Press Club, Chairman said, “I am deeply humbled by this gesture and I dedicate this felicitation to the hardworking, honest media fraternity who have always performed their duties with utmost professionalism while keeping in mind the journalistic ethics. And as the premier financial institution of this state, it is our duty to come out with specific, professional schemes like Sahafat Finance which will be helpful in meeting their immediate personal as well as professional financial needs,” he said.

Chairman also thanked the media fraternity for supporting J&K Bank during tough times and providing with the feedback from people, to improve its delivery of services. He asked for consistent support from the fraternity in the bank’s journey towards greater heights of success and excellence, the statement reads.

Earlier, in his welcome address, President Press Club Jammu, Ashwani Kumar apprised the audience about the role of the only Press Club in the state.

“Jammu Press Club is one of the oldest, self-sustaining Press Clubs working in north India. Started by few people, it now has the membership of 800 associate and corporate members. Facilities like Journalist Welfare Fund has been adopted under which Rs. 50 Thousand are provided to the members to meet any untoward expenses and in case of death, a sum of Rs. 1.00 lac is provided to member instantly,” he said.

He praised the bank’s role in formulating specific retail banking products and tailor-made credit facilities to different sections of the society.

Vice-president Rakesh Gandotra (S&BD) gave a comprehensive account of the scheme that has been uniquely tailored for the media persons.

The purpose of the unique scheme is to provide easy and hassle-free finance to media persons for personal and professional needs on urgent basis. The maximum credit of Rs 3 lacs repayable in 60 EMI’s shall be provided in form of term loan for the purchase of cameras, tablets, laptops etc and revolve cash-credit facility to meet routine money needs. With a minimum rate of interest, the scheme also offers an insurance cover of Rs 4 Lacs against an annual premium of Rs 342 to be borne by the borrower.

Pertinently the scheme was first unveiled at a function at Corporate Headquarters Srinagar earlier this month.


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