J&K Bank inks MoU with JKP for police welfare

SRINAGAR: The Jammu and Kashmir Police and Jammu and Kashmir Bank have formally entered into a Memorandum of Understanding (MoU).

A statement said that the MoU outlines a commitment by the bank to offer enhanced and preferential banking services, as well as benefits, to the dedicated personnel of the J&K Police and the families of J&K Police martyrs.

The signing ceremony was graced by the presence of Director General of Police, Dilbag Singh, and MD & CEO of J&K Bank, Baldev Prakash, along with other top officials from both organizations.

DGP Dilbag Singh expressed his gratitude to MD & CEO Baldev Prakash for the bank’s willingness to provide improved services to the J&K Police family.

He emphasized the J&K Police’s unwavering commitment to supporting the families of martyrs and noted that this MoU represents a significant step in this direction.

He also acknowledged the essential role played by both J&K Police and J&K Bank in maintaining peace and stability in the region, expressing hope for even more benefits to be extended to police personnel and retirees in the future.

Baldev Prakash, in his address, paid tribute to the J&K Police martyrs who have made sacrifices for peace and stability in the region.

He acknowledged the bank’s dedication to the economic development of Jammu and Kashmir and credited the improved security situation for contributing to the growth of the banking sector.

He expressed gratitude to J&K Police for providing security and support to the bank and reaffirmed their joint commitment to the peace and development of the region.

“While J&K Police Department works day in and day out to protect the lives of the civilians through maintenance of law and order, J&K Bank continues to act as trusted custodian of public deposits, enabling the common people secure their livelihood by providing easy, accessible and affordable financing besides providing wealth management solutions,” he said.

Regarding renewal of 2017 MoU, he said, “we would love to deepen the mutually beneficial bond further with enhanced benefits and concessions for the police personnel. And I believe the renewed agreement will ltake our relationship to a visibly higher level.”

Under the terms of the MoU, J&K Bank will provide Rs 15 lakh to NoK of Police martyrs, same amount to police personnel who become permanently disabled, Rs 7.50 lakh to police personnel who become permanently partially disabled, Rs 6 lakh to NoK of SPO martyrs, Rs 6 lakh to SPOs who become permanently totally disabled, Rs 3 lakh to SPOs who become permanently partially disabled in terrorism related activities or law and order incidents.

Besides, the bank it will also provide Rs 20,000 for repatriation of mortal remains of police martyrs and payment of Rs 15, 000 on account of ambulance charges.

The bank will also extend a wide range of banking facilities, concessions, and relaxation of requirements to police personnel and their families, ensuring their financial well-being.

J&K Bank will also create customized saving account variants for various ranks within the police force, offer zero balance accounts, provide international debit cards, and extend concessions on locker rents.

Additionally, overdraft facilities, loan processing fee waivers, and interest rate concessions will be made available. The bank will also organize financial literacy camps to educate police personnel about various banking services.

Special DG Crime J&K, AK Choudhary, ADGPs MK Sinha, Vijay Kumar, IGP (Headquarters/CIV), Bhim Sen Tuti, and DIG Sujit Kumar along with other officers from JKP and Sudhir Gupta, Executive Director J&K Bank, General Managers Ashutosh Sareen, Narjay Gupta, Syed Rais Maqbool, Syed Shafat Hussain along with other bankers from J&K Bank attended the MoU singing function.