J&K Bank Renews Agreement with J&K Government to Provide Exclusive Financial Services to State Employees
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Jammu & Kashmir Bank has renewed its Memorandum of Understanding (MoU) with the Jammu & Kashmir Government to continue offering special banking services to all permanent government employees in the Union Territory.
What Is the Agreement About?
This MoU ensures that J&K Bank will keep providing customised financial services to government employees. These services include:
- Zero-balance salary accounts with no minimum balance requirement
- Free international debit cards, including add-on cards for spouses
- Discounted interest rates on personal, home, auto, and education loans
- No processing fees on select loan types
- Overdraft facility equal to six months’ salary
- Home repair loans up to ₹10 lakh without needing a mortgage
- Group personal accident insurance
- Free digital banking services (internet and mobile banking)
- Easy access to Demat and trading accounts through JKB Financial Services Ltd
These benefits aim to make banking more convenient, affordable, and secure for government employees in J&K.
Who Signed the MoU?
The MoU was signed at the Civil Secretariat in Jammu by:
- Rajesh Dubey, Deputy General Manager, J&K Bank
- Trikansh Bhushan, Under Secretary, J&K Finance Department
Other key officials present included:
- Sunit Kumar, General Manager & Divisional Head (Jammu), J&K Bank
- S.L. Pandita, Advisor, Finance Department
- Atul Sethi, Government Liaison Officer
What Did the Bank Say?
Sunit Kumar, General Manager at J&K Bank, expressed gratitude to the government for its ongoing trust. He said:
“We are thankful to the Government of Jammu & Kashmir for renewing this strategic partnership. With a focus on digital innovation and service excellence, we aim to financially empower every government employee in the UT.”
He also mentioned that this renewed MoU strengthens their joint commitment to inclusive, customer-friendly banking solutions.
Why This MoU Is Important
- J&K Bank remains the “Preferred Banker” for the Jammu & Kashmir Government
- The Government has agreed to share employee data securely with the bank, which will help speed up loan approvals, salary credits, and pension payments
- It shows a strong partnership between a public bank and a regional government to provide better financial access to government workers
