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| J&K Bank gears up to extend social security schemes across state | | |  Early Times Report
Srinagar, May 10: J&K Bank has geared up its network of branches across the state to extend benefits of security schemes - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). The bank has already kicked off awareness programmes about these schemes. Besides, the bank, Convener of J&K State Level Bankers' Committee (SLBC), shall be publishing the application forms in newspapers which shall be acceptable at all bank branches after duly filled by the customers.
This was stated by Mushtaq Ahmad, Chairman & CEO of J&K Bank on the sidelines of the launching ceremony of these three mega social security schemes here at SKICC, Srinagar yesterday. He said the banks in the state had started enrollment for the schemes and had already enrolled more than four lac subscribers.
"We have already initiated a rigorous process of financial profiling of the population and educating community leaders and have also put in place financial literacy camps for general masses through Cluster Model. We are confident that these three social security schemes would lead to impetus in the economic transformation of the financially marginalized communities and inaccessible locations, said Mushtaq.
He further said, "I am proud to state that J&K Bank has already opened more than 11.5 Lac accounts under PMJDY in all districts of the state. Acknowledging our exemplary performance in the PMJDY project, the bank was conferred with Excellence Award at the national level in March this year."
Notably, Union Minister for Minority Affairs Dr. Nejma Heptulla was the Chief Guest on the occasion while as the Finance Minister J&K State Dr. Haseeb A. Drabu was the Guest of Honour.
Nejma Heptulla on the occasion lauded the J&K Bank's capacity to execute plans of such scale, she said, "You have already shown us how it is done during the implementation of PMJDY, I believe your endurance will again make it happen."
She expressed confidence that the banks in the state under the leadership of J&K Bank were capable of shouldering the huge responsibilities that these schemes entail.
"Even though the geography of J&K is very challenging and harder in terms of the implementation of these schemes, however, it becomes all the more important to reach to these places as the people there are equally deserving, if not more", she said. The Union Minister further said, "The launch of these mega social security schemes is a significant addition in the welfare oriented initiatives taken for the poor and downtrodden in the country. The initiative creates opportunities for the people to secure their families in difficult situations and create conditions for them to live with dignity and honour. It is a dream to realise Jan Surakhsha with Jan Dhan."
Speaking to the jam-packed audience, Dr Haseeb Drabu said, "Launching of these schemes signify a change in the economic management of the country. From a very controlled economy of 1950's the country moved into a liberalized one post 1991 and it is obvious that liberalized economy gives you the stress. For, some section, some sectors, some people will not benefit from the economic growth driven by the impulses of profitability. And hence the need for social security systems."
The pension scheme will focus on the unorganized sector and provide subscribers a fixed minimum pension of Rs 1000, 2000, 3000, 4000 or Rs 5000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.
The period of contribution by any subscriber under APY would be 20 years or more. The fixed minimum pension would be guaranteed by the government. |
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