J&K Govt, J&K Bank Sign MoU to Extend ₹5 Lakh Accident Insurance, Banking Benefits to Daily Wagers

Ziraat Times Team Report 

Srinagar, June 9: The Jammu and Kashmir Government on Tuesday signed a Memorandum of Understanding (MoU) with J&K Bank to provide banking, insurance and credit-related benefits to daily-rated workers, contractual employees and other casual workers engaged by various government departments.

Under the agreement, eligible beneficiaries will receive zero-balance bank accounts along with a range of banking services, including free debit cards, digital banking facilities, concessional remittance services and access to specially designed credit products.

A key feature of the initiative is a Group Personal Accidental Insurance cover of ₹5 lakh for beneficiaries, along with disability-related insurance benefits aimed at enhancing financial security for workers and their families.

The MoU was signed in the presence of Chief Secretary Atal Dulloo, Financial Commissioner (Additional Chief Secretary, Finance) Shailendra Kumar and J&K Bank Managing Director and Chief Executive Officer Amitava Chatterjee.

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.

Officials said the initiative is intended to bring contractual employees, casual workers and daily-rated workers under a structured framework of banking access and financial protection, while strengthening financial inclusion among a workforce segment that has traditionally had limited access to such benefits.

Speaking on the occasion, Chief Secretary Atal Dulloo said the arrangement is expected to enhance the financial well-being and social security of thousands of contractual employees, casual workers and daily wagers across Jammu and Kashmir. He noted that insurance coverage would provide financial protection during unforeseen circumstances and contribute to a greater sense of security among workers.

J&K Bank MD and CEO Amitava Chatterjee said the initiative would, for the first time, extend a comprehensive package of banking and insurance benefits to contractual employees, casual workers and daily-rated workers of the government. He said the programme would improve access to formal financial services while providing an additional layer of financial security for beneficiaries and their families.

According to officials, the initiative follows discussions between the government and the bank aimed at strengthening the welfare and financial security of daily wagers and other contractual workforce categories across Jammu and Kashmir.