Srinagar, Jun 9 (NVI) The Jammu and Kashmir government on Tuesday signed a memorandum of understanding (MoU) with J&K Bank to extend a range of banking, insurance and credit-related benefits, including an accidental insurance cover of Rs 5 lakh, to daily-rated workers, contractual employees and other casual workers engaged by the administration.
The agreement was signed in Srinagar in the presence of Chief Secretary Atal Dulloo, Financial Commissioner (Additional Chief Secretary) Finance Shailendra Kumar, J&K Bank Managing Director and Chief Executive Officer Amitava Chatterjee and other senior officials.
The MoU aims to bring contractual employees, casual workers and daily-rated workers under a structured framework of banking convenience and financial protection.
Speaking on the occasion, Dulloo said the initiative would enhance the financial well-being and social security of thousands of workers across Jammu and Kashmir.
He said extending insurance coverage to daily wagers was a significant welfare measure as it provides financial protection during unforeseen circumstances and strengthens their sense of security.
Chatterjee said the bank was pleased to extend, for the first time, a comprehensive package of banking and insurance benefits to contractual employees, casual workers and daily-rated workers of the government.
He said the initiative would improve access to formal financial services while providing an additional layer of financial security to beneficiaries and their families.
Under the agreement, eligible beneficiaries will be provided zero-balance bank accounts along with free debit cards, digital banking facilities, concessional remittance services and access to specially designed credit products.
The package also includes a Group Personal Accidental Insurance cover of Rs 5 lakh and disability-related insurance benefits, offering social security support to the beneficiaries and their families.
Officials said the initiative follows sustained consultations between the government and the bank aimed at strengthening the welfare and financial security of this section of the workforce.(NVI)
