J&K Bank launches App Based Online Loan Product “Phone Pe Loan” for J&K Police

Jammu: October 15: J&K Bank today unveiled “Phone Pe Loan” a specially customized App Based loan facility through J&K Bank Mobile Banking App mPay for the J&K Police Personnel in Jammu today.

Dr Nirmal Singh, Dy. Chief Minister of the state, e-launched the “Phone Pe Loan” facility during the inauguration of “Police Diwali Mela” organized by J&K Police department at Gulshan Ground Jammu, in presence of Mrs. Bharti Vaid Chairperson, JKPWWA,, Director General of Police Dr S.P Vaid, Parvez Ahmed, Chairman & CEO J&K Bank, senior officials of J&K Police and J&K Bank.

Soon after its e launch, during an interaction Dr Nirmal Singh appreciated the outreach of the J&K Bank to the Police Personnel through 24*7 digital channels to facilitate the credit needs of the Police Personnel who were doing an admirable job and remained mostly on the move. “This will save lot of their time and effort of visiting the branches for availing the loans besides dispensing the need for going through the hassles of paper work”,” said Dy Chief Minister. He further added that J&K Bank is doing a commendable work in bringing more and more people in the ambit of digital platform thus taking forward Prime Ministers vision of less cash economy.

Parvez Ahmed, J&K Bank Chairman & CEO stated: “The Banking industry has been witnessing the digital drive over the past few years which has been fast tracked in the past ten months or so post demonetization; we at JK Bank are racing to keep pace with the changed consumer preferences especially the younger generations for digital channels. In our endeavor to leverage our digital channels for the convenience of our customers especially Government employees who comprise a substantial part of our loan book in the state we have launched  this ‘Phone Pe Loan’ scheme with a turnaround time of two working hours for loan disbursement which will be further improved to make it an instant facility for the preferred customers of the Bank.”

The Customers he added just have to log in to the Bank’s Mobile banking App mPay which will land the request in the bank’s Central Processing Centre who will then process and disburse the request of the customers within the defined time. This facility neither requires the customer to visit the branch nor put his manual signature on any document.

“We are highly thankful to the Director General Police who allowed integration of their employee database expeditiously keeping in view the welfare of the Police Personnel and drove the product from concept to completion culminating in its launch today. In near future we are going to extrapolate the product for employees of all the Government departments and autonomous institutions who have a ready employee database.,” said the JKB chairman.

“Presently, the facility is available for two products viz., J&K Bank Saral/Saholiat Loan and J&K Bank Cash Credit scheme however, in future we can extend it to other loan facilities as well,” he added Dr S.P Vaid, Director General of police while acknowledging the customized and hands on approach of the Bank’s Leadership briefed Hon’ble Deputy Chief Minister about the MoU signed between the Bank and J&K Police. ”J&K Bank is our preferred banker and we appreciate bank for understanding the needs of police personnel and designing a simple and instant loan facility for us. This facility will further ease out loan sanctioning procedure for police personnel, who remain on the move and find it difficult to visit branches for completing the paper work required for getting loans,” said DG Police.

J&K Bank has also put up a Mobile ATM and a stall at the mela venue for creating awareness about the products and digital services of the bank, downloading mPay and imparting training and awareness about usage of the App for availing loan facility and other banking services. Police personnel who register for mPay and loan facility through mPay during the Mela will also be eligible for the lucky Draw

scheme of the bank.

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