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Srinagar: J&K Bank Thursday signed a Memorandum of Understanding (MoU) with J&K Police, wherein the bank has bestowed most favoured client status to the employees of J&K Police Department. Simultaneously, J&K Police has declared J&K Bank as a preferred Banker for its exclusive dealings regarding all banking related services required from time to time.
J&K Bank Chairman and CEO Parvez Ahmed and Director General JK Police Dr S P Vaid put in their signatures on the agreement here at the bank’s Corporate Office in presence of Special DGP V K Singh, IGP Headquarters Surinder Kumar Gupta, Additional IG Welfare Abdul Waheed Shah, Additional IGs Mubashir Latifi, Junaid Mehmood and DSP Musadiq Basu besides the bank’s Executive Presidents Vagesh Chander and S S Sehgal, Presidents Abdul Rashid Sheigan, Nishi Baru and P K Tickoo, Vice Presidents and other senior officers.
Speaking on the occasion, Chairman and CEO Parvez Ahmed said, “Our purpose as a financial institution is to move beyond relationships and turn these into stronger partnerships through different institutional frameworks. And this agreement is one of the significant milestones to take the mutual relationship between two important organizations of the state to a visibly different and higher level.”
“Under this agreement, the bank shall ensure that all the financial requirements of the police personnel are met promptly and efficiently through suitably customized services”, he added.
“The assigned category of ‘most favored client’ under the agreement shall enable the police personnel to enjoy the best of our services. Be it Digital services at home or anywhere outside home or country, easy loans, concessional rates, doorstep delivery, insurance cover, Add-on services to their family members and whatever best possible, has been offered under the agreement”, he said.
Expressing his gratitude to the kind gesture, Chairman thanked the DGP for coming to the sign-in ceremony at the bank’s Corporate Office. Meanwhile, he lauded the efforts of police department for protecting the properties and assets of the bank and the currency chests alike. “To constitute and frame laws is so incomplete process unless you have a professional force which implements it in its letter and spirit”. Parvez Said adding that this has been perfectly proved by our proud police force which has ensured the enforcement of the law of the land and protection cum preservation of our culture, values and morals as a civilized Society.He further expressed his firm belief in the importance of the policing by saying that its origin dated back to the very evolution of civilisations, rather the civilisations would not have survived had there been no proper policing mechanisms.
On the occasion DG Police Dr S P Vaid said, “Our personnel keep looking for welfare measures from their headquarters and this agreement, I believe, is the most important welfare measure we can share with them. For this I must thank Chairman J&K Bank in person for being very generous in extending certain privileges like most favored client status to the employees of police department”. In reciprocation, DGP directed for issuance of Circular to all police Stations for complete cooperation while dealing with JK bank employees.
“This agreement shall go a long way in mitigating various financial hardships our personnel had to go through earlier. For this all the officers from the police department and the bank who have worked out the details of this agreement deserve accolades”, he added.
The Bank’s Vice President, Rakesh Gandotra presented detailed features of the agreement to the audience.
Pursuing the agreement, the Bank shall extend the support and counselling to the personnel of J&K Police by way of organizing Financial Literacy Camps at various centers of J&K Police educating them about the dos and don’ts regarding net banking, debit card, mobile banking and other products & services.
Under the agreement, J&K Police shall nominate J&K Bank as a preferred Banker for its exclusive dealings regarding all banking related services required from time to time and shall recommend J&K Bank to all its personnel. The Bank and Police department will form a central coordination team which would co-ordinate with each other so that desired service levels are maintained.
The Bank shall also offer free digital banking services like e-banking, mobile banking, phone banking and SMS alerts to police personnel besides free online NEFT / RTGS fund transfer to any bank across India and one free Cheque Book on quarterly basis.
Besides various customized bank account variants, J&K police shall be entitled to all the incentives, product offerings, relaxations offered to permanent employees of J&K state Government. Under the agreement, the maximum gross deduction for computation of loan amount shall be relaxed to 65 percent for personnel of J&K Police, increasing the deduction norms to 65:35 ratio instead of 60:40 ratio.
The Data integration of the police personnel with Bank’s Data Base in Consolidated Digital form shall enable the Bank to further relax the norms in extending various loan facilities to the Police Staff.
Notably, wherever feasible, J&K Bank may give preference to retired J&K Police personnel for employment in J&K Bank as security guards. The bank’s Executive President S S Sehgal presented vote of thanks and concluded the event.