Sahafat Finance Scheme: J&K Bank announces reduction in interest rate to 11.90%

JAMMU: J&K Bank Chairman & CEO Parvez Ahmed rolled out J&K Bank Sahafat Finance Scheme for journalists and others working in various media on Saturday. He was felicitated by the Press Club of Jammu (PCJ) at a function held here at the club.
While addressing the club members and media personnel, Parvez Ahmed appreciated their role in “maintaining the credibility of the institution of journalism while working in difficult conditions”, an official handout read.
He made certain significant announcements on the occasion, which include a reduction in rate of interest by 30 basis points for the Sahafat scheme, a donation of Rs. 5.00 lacs to the welfare fund of journalists of the club and adoption of press conference hall of the club in the memory of late Ashok Sodhi for renovation and upgradation.
The chairman also announced installation of automated teller machine (ATM) and cash deposit machine (CDM) in the precincts of the club. “On the insistence of media community, we have decided to reduce the rate of interest of this scheme by 30 basis points which now stands at 11.90 percent,” the chairman said.
He further said, “It is a matter of pride and gives me immense pleasure to roll out this tailor-made scheme for the journalist community at this venue which was started by the stalwarts of journalism in our state. We both share the common legacy of serving to empower the people.”
He appreciated the role of media in highlighting important issues of local and national importance.
“The launch of this product is an effort which signifies our recognition of media as a viable economic sector, represented by very passionate and talented people,” he said.
Expressing his gratitude for felicitation by Jammu Press Club, Chairman said, “As the premier financial institution of this state, it is our duty to come out with specific, professional schemes like Sahafat Finance which will be helpful in meeting their immediate personal as well as professional financial needs.”
President Press Club Jammu, Ashwani Kumar praised the bank’s role in formulating specific retail banking products and tailor-made credit facilities to different sections of the society.
Vice-president J&K Bank, Rakesh Gandotra (S&BD) gave a comprehensive account of the scheme that has been uniquely tailored for the media persons.
The purpose of the unique scheme is to provide easy and hassle-free finance to media persons for personal and professional needs on urgent basis. The maximum credit of Rs 3 lacs repayable in 60 EMI’s shall be provided in form of term loan for purchase of cameras, tablets, laptops etc and revolving cash-credit facility to meet routine money needs. With minimum rate of interest, the scheme also offers an insurance cover of Rs 4 Lacs against an annual premium of Rs 342 to be borne by the borrower, the handout read.
The scheme was first unveiled at a function at Corporate Headquarters Srinagar earlier this month.