J&K Bank, Police Strengthen Partnership With Welfare Package

2026-05-07 08:27:25

(MENAFN- Kashmir Observer) Srinagar- J&K Bank on Thursday signed an addendum to its Memorandum of Understanding (MoU) with Jammu and Kashmir Police, significantly expanding welfare, insurance and financial security benefits for police personnel, Special Police Officers (SPOs) and their families.
The agreement was signed at Police Headquarters in Peerbagh in the presence of senior officers from both institutions, including Director General of Police Nalin Prabhat and the Bank's Managing Director and CEO Amitava Chatterjee.

Special DG Syed Javaid Mujtaba Gillani, ADGP Headquarters Manish K Sinha, Chief General Manager Ashutosh Sareen and General Manager Rakesh Magotra were also present during the signing ceremony.

Enhanced Welfare Measures Introduced

Under the revised understanding, the Bank has broadened the insurance and welfare framework available to police personnel while continuing a range of exclusive banking facilities.

The updated package includes special insurance cover for personnel killed in anti-national or terrorist incidents, enhanced ex-gratia relief for martyrs and disabled personnel, loan-linked protection cover, child higher education support, girl child marriage assistance, air ambulance support and transportation of imported medicines.

Additional support measures include family transportation assistance and repatriation support during emergencies.

The MoU also continues to provide several banking concessions, including zero-balance salary accounts, free digital banking services, concessional loan facilities, waiver of processing charges, overdraft facilities, instant loan disbursal mechanisms and concessional locker services.

'Partnership Rooted in Welfare and Dignity'

Speaking on the occasion, Amitava Chatterjee described the relationship between the Bank and the police department as“deeply valued and time-tested”.

“J&K Police stands at the forefront in maintaining law and order, ensuring public safety and preserving social harmony in Jammu and Kashmir, often at tremendous personal and institutional cost,” he said.

“Today's addendum to the MoU is another important step in deepening a partnership rooted in welfare, dignity and financial security for the brave men and women of J&K Police.”

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He said the welfare measures reflected the Bank's gratitude and institutional commitment toward police personnel and their families.

“The peace and normalcy that Jammu and Kashmir is witnessing today has come at the cost of immense sacrifice by the brave personnel of J&K Police and their families,” Chatterjee added.

He also appreciated the support extended by the police department to the Bank in tackling cyber frauds and digital financial crimes.

DGP Appreciates Bank's Support

DGP Nalin Prabhat said the agreement reflected a collective commitment towards the welfare and financial stability of police personnel and the families of fallen officers.

“The spirit of sacrifice demonstrated by J&K Police personnel in safeguarding lives and maintaining peace deserves to be meaningfully reciprocated through strong institutional support systems,” he said.

“There can be no better institution than J&K Bank to lead this initiative and ensure that the families left behind by our martyrs are cared for with dignity and security.”

Prabhat also urged officers across different police formations to ensure that personnel were made aware of the benefits incorporated under the revised understanding.

'Two Vital Institutions Coming Together'

ADGP Headquarters Manish K Sinha also praised the partnership, saying both institutions played a critical role in the region.

“Like J&K Police, J&K Bank too has been playing a transformative role in the financial domain by powering the engines of the J&K economy,” he said.

“In this backdrop, two of Jammu and Kashmir's most vital institutions have come together to strengthen the financial security and welfare ecosystem for brave personnel and their families.”

Earlier, General Manager Rakesh Magotra gave a detailed presentation on the enhanced welfare framework devised under the revised MoU.

The function concluded with a formal vote of thanks presented by DIG Headquarters J S Johar.

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