Srinagar: J&K Bank needs to move ahead of financial inclusion, which it has been doing commendably well, and create a comprehensive framework for deepening of financial services within the state. And the bank’s Family Protection Savings Account can be a good beginning in this regard as it’s quite a good liability side product.
J&K Minister for Finance, Labour and Employment Dr Haseeb A Drabu made these remarks at the launch of bank’s Family Protection Savings Account here at SKICC.
Dr Drabu, who was also the Chief Guest on the occasion launched the product in presence of Chairman and CEO Parvez Ahmed, CEO Designate PNB Metlife Ashish K Srivastava. Director Bancassurance PnbMetlife Sameer Bhansal, J&K Bank Executive Presidents, Senior Presidents, Presidents, Vice Presidents and other officers besides executives from Pnb-Metlife were also present on the occasion. Chief Guest also unveiled the Debit Card specially customized for the product on the occasion.
Notably, the product has been designed in collaboration with PnbMetlife. Comprehensively covering the risk of living too short, the product protects the financial cover of the family of the customer in case of demise against small premium and provides assured monthly income to sustain the families for a certain period of time.
Congratulating J&K Bank for the launch of savings linked insurance product, Dr Drabu said, “The economy of J&K need two things. One is financial inclusion, which J&K Bank is doing very well. But parallel to this must run the process of financial deepening of services now.”
“For most of the stock of our savings is physical mostly either in the form of land or in gold. If we can convert 10 percent of this stock into savings that will be a huge thing for state economy whereby J&K Bank can gather these deposits and put them to some productive use”, he added.
Correcting the perception about low CD Ratio of banks in the state, he said that it was more about the avenues to lend in the state than the reluctance to lend by the banks.
Urging the management of bank to think and devise innovative ways to leverage the bank’s tremendous emotional equity and immense presence across the state to its maximum, he said, “I feel very comforted by the Chairman J&K Bank’s keen sense of responsibility towards the emotional equity and trust people of state repose in the bank.”
“It is the moral, ethical and professional duty of every member of the J&K Bank to respect it and create further value for all the stakeholders. And I believe that under the leadership of Parvez Ahmed you shall be successful in doing that”, he added. On the occasion, Dr Drabu along with Parvez Ahmed and Ashish K Srivastava presented mementos to officers of J&K Bank and pnbMetlife who were involved in the productization and customization process of the product.