Nejma Heptulla lauds bank for performance in PMJDY programme

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.”
He said, “It is a form of evolution of economy through certain interventions in the system to equalize the income distribution. And the initiatives of this government beginning with Jan Dhan Yojna and todays launch is to begin to create social security network for people who would otherwise get marginalized. It is all the more important for states like J&K which have very low levels of financial intermediation.”

“Size becomes advantage for J&K. The footprint coupled with social and emotional equity with the J&K bank could perhaps make it possible for J&K to be the first state to deliver 100 percent social security system. And I hope that today we don’t launch schemes but a process”, he added.

Meanwhile, Chairman and CEO Mushtaq Ahmad further said, “Improving insurance awareness and penetration in the country, these schemes shall expectedly address the issue of very low coverage of life or accident insurance besides old age income in the country”, he said.

Reiterating the SLBC’s commitment towards implementation, he said, “On behalf of SLBC I assure you complete support. We will rise to meet the challenge of this comprehensive social security plan and shall accomplish it within a given time frame across the state.”

We appreciate the noble cause underlying all such initiatives taken by the government for the poor and downtrodden of the country, he added.

Urging the representatives of all the banks present on the occasion to put in their total efforts, Chairman said that only the figures would explain the performance and nothing else.
Notably, PMSBY will offer every subscriber of the scheme a renewable one-year accidental death-cum-disability cover of Rs. 2 lac for partial or permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs. 12 per annum.

The scheme would be administered through public sector general insurance companies or other general insurance firms willing to offer the product on similar terms on the choice of the bank concerned.

PMJJBY on the other hand will offer a renewable one-year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum.

The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.
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.