Historic MoU addendum strengthens welfare and financial security cover for Police personnel and their families
Srinagar, May 07: Reinforcing their long-standing institutional partnership rooted in public service and people’s welfare, J&K Bank today signed an Addendum to its Memorandum of Understanding (MoU) with the J&K Police Department at Police Headquarters, Peerbagh.
Amid strong bonhomie, Director General of Police Nalin Prabhat and Bank’s MD & CEO Amitava Chatterjee signed the addendum in presence of Special DG Syed Javaid Mujtaba Gillani, ADGP Hqrs. Manish K Sinha, Bank’s Chief General Manager Ashutosh Sareen, General Manager Rakesh Magotra besides senior officers from both the institutions.
As J&K Police continues to designate J&K Bank as its preferred banker for exclusive banking relations with its personnel while extending institutional support for smooth conduct of these arrangements, the partnership remains mutually beneficial, with the Bank substantially enhancing the welfare and financial security benefits extended to Police personnel and Special Police Officers (SPOs).
Speaking on the occasion, MD & CEO Amitava Chatterjee said, “J&K Bank shares a deeply valued and time-tested relationship with J&K Police – an institution that stands at the forefront for maintaining law and order, ensuring public safety, and preserving social harmony in Jammu & Kashmir often at tremendous personal and institutional cost. Today’s addendum to the MoU is another important step in deepening a partnership rooted in welfare, dignity and financial security for the brave men and women of J&K Police. These measures are not transactions; they reflect our gratitude and institutional commitment towards the welfare and dignity of our police personnel, SPOs and their families.”
“The peace and normalcy that Jammu & Kashmir is witnessing today has come at the cost of immense sacrifice by the brave personnel of J&K Police and their families. The people of this country owe a debt to the Jammu & Kashmir Police that can never truly be repaid. We at J&K Bank remain committed to strengthening this partnership and serving our national heroes with utmost sincerity and respect”, he added.
He further said, “We also deeply appreciate the proactive cooperation and support extended by J&K Police to the Bank in tackling the growing challenge of cyber frauds and digital financial crimes involving online banking channels.”
While appreciating the Bank’s comprehensive bouquet of benefits, Director General of Police Nalin Prabhat said, “This MoU between J&K Police and J&K Bank reflects our collective commitment towards ensuring financial stability and welfare of our brave personnel and the families of our fallen heroes. The spirit of sacrifice demonstrated by J&K Police personnel in safeguarding lives and maintaining peace are well documented. Such commitment deserves to be meaningfully reciprocated through strong institutional support systems for the welfare of their families. I sincerely appreciate J&K Bank for its wholehearted efforts in extending such a comprehensive bouquet of financial and insurance benefits to Police personnel and their families.”
Moreover, he added, “There can be no better institution than J&K Bank to lead this initiative and ensure that the families left behind by our martyrs are cared for with dignity and security. I express gratitude to J&K Bank for steady support and am hopeful we will continue to nourish this relationship. And I urge all the officers across formations to make our workforce aware of the benefits incorporated in the latest understanding between the two organizations.”
In his remarks on the occasion, ADGP Manish K Sinha also commended the role of the Bank saying, “Like J&K Police, J&K Bank too has been playing a transformative role in the financial domain by powering the engines of the J&K economy. In this backdrop, two of Jammu & Kashmir’s most vital institutions have come together to further strengthen the financial security and welfare ecosystem for the brave personnel and families who have contributed immensely towards ensuring peace and stability in this part of the world.”
Earlier, General Manager Rakesh Magotra gave detailed presentation on the Bank’s enhanced welfare framework devised for the police personnel and their families.
Notably, under the revised addendum, the Bank has significantly expanded the insurance, financial security, and welfare framework available to Police personnel and SPOs besides continuing a host of exclusive banking privileges and concessional financial facilities extended under the MoU.
The revised package also includes several additional welfare measures such as special cover for death-in-action against anti-national and terrorist activities, loan-linked protection cover, child higher education support, girl child marriage assistance, air ambulance support, transportation of imported medicines, family transportation assistance and repatriation support besides enhanced ex-gratia relief for martyrs and personnel suffering disabilities in terror or law and order incidents.
Besides the enhanced welfare framework, the MoU continues to provide a wide range of banking concessions and privileges to Police personnel including zero balance salary accounts, free digital banking services, concessional loan facilities, waiver of processing charges, overdraft facilities, instant loan disbursal mechanisms, and concessional locker facilities among several other benefits.
The function concluded with a formal vote of thanks presented by DIG Hqrs J S Johar.
