Govt ropes in J&K Bank to extend accidental insurance cover of Rs 5 lakhs, banking benefits to daily wagers

Srinagar, Jun 9: The Government of Jammu & Kashmir as per its commitment to inclusive financial empowerment Tuesday entered into a significant Memorandum of Understanding (MoU) with J&K Bank to extend a host of banking, insurance and credit-related benefits to daily-rated workers, contractual employees, and other casual workers engaged by the Government.
The occasion was graced by the Chief Secretary, Atal Dulloo and was held in the presence of Financial Commissioner (Additional CS), Finance, Shailendra Kumar, J&K Bank MD & CEO, Amitava Chatterjee, CGM, Ashutosh Sareen and other senior officials of the Government and the Bank.
General Manager (RAM/GSS/DLM) Rakesh Magotra signed the agreement on behalf of the Bank, while Special Secretary, Finance Department, Rakesh Kumar Srangal signed on behalf of the Government of Jammu & Kashmir.
Aimed at bringing contractual employees, casual workers and daily-rated workers under a structured framework of banking convenience and financial protection, the MoU further strengthens the Bank’s position as the preferred banking partner of the Government of Jammu & Kashmir while reinforcing the shared commitment of both institutions to inclusive growth, employee welfare, and financial empowerment.
Speaking on the occasion, Chief Secretary Atal Dulloo appreciated the collaborative efforts of the Finance Department and J&K Bank in bringing the initiative to fruition and expressed confidence that the arrangement would significantly enhance the financial well-being and social security of thousands of contractual employees, casual workers, and daily rated workers across Jammu and Kashmir.
The Chief Secretary further maintained that extending insurance coverage to daily wagers is significant for such welfare measures not only provide financial protection during unforeseen circumstances but also enhance the sense of security and well-being among employees, motivating them to discharge their duties with greater dedication, efficiency, and transparency.
In his remarks on the occasion, MD & CEO Amitava Chatterjee said, “J&K Bank has always partnered the Government in initiatives that promote financial inclusion and social welfare. We are pleased to extend, for the first time, a comprehensive bouquet of banking and insurance benefits to contractual employees, casual workers, and daily rated workers of the Government.”
While reiterating the Bank’s commitment to design customer-centric solutions that positively impact lives and contribute to the socio-economic development of Jammu & Kashmir, he further added, “This initiative not only strengthens access of contractual employees, casual workers and daily rated workers to formal financial services but also provides a vital layer of financial security and support to them and their families.”
Earlier, General Manager (RAM/GSS/DLM) Rakesh Magotra briefed the chair about the background and scope of the MoU along with details of exclusive benefits extended to the contractual employees in the agreement.
Under the agreement, eligible beneficiaries will be provided zero-balance accounts along with a range of value-added banking services including free debit cards, digital banking facilities, concessional remittance services, and access to specially designed credit products. Significantly, the package includes Group Personal Accidental Insurance cover of Rs 5 lakh besides disability-related insurance benefits, providing an important social security safeguard for the beneficiaries and their families.
Notably, the initiative follows sustained deliberations between the Government and the Bank to enhance the welfare and financial security of this important segment of the workforce.