Srinagar, June 9: In a major step towards financial inclusion and employee welfare, the Jammu and Kashmir Government on Monday signed a Memorandum of Understanding (MoU) with J&K Bank to provide banking, insurance and credit benefits to daily-rated workers, contractual employees and other casual workers engaged by the government.

The MoU was signed in the presence of Chief Secretary Atal Dulloo, Financial Commissioner (Additional Chief Secretary) Finance Shailendra Kumar, J&K Bank MD and CEO Amitava Chatterjee, senior government officials and bank representatives.
The agreement was signed by General Manager (RAM/GSS/DLM) Rakesh Magotra on behalf of J&K Bank and Special Secretary Finance Rakesh Kumar Srangal on behalf of the Government of Jammu and Kashmir.
The initiative aims to bring contractual employees, casual workers and daily-rated workers under a structured framework of banking services and financial security, while strengthening financial inclusion across the Union Territory.
Speaking on the occasion, Chief Secretary Atal Dulloo termed the initiative a significant welfare measure and appreciated the efforts of the Finance Department and J&K Bank in implementing the programme. He said the arrangement would enhance the financial well-being and social security of thousands of workers across Jammu and Kashmir.
He noted that extending insurance coverage to daily wagers and contractual workers would provide financial protection during unforeseen circumstances and improve their sense of security and motivation.
J&K Bank MD and CEO Amitava Chatterjee said the bank remains committed to supporting government initiatives focused on financial inclusion and social welfare.
He said the package would, for the first time, provide a comprehensive range of banking and insurance benefits to contractual employees, casual workers and daily-rated workers, strengthening their access to formal financial services.
Under the agreement, eligible beneficiaries will receive zero-balance bank accounts along with free debit cards, digital banking facilities, concessional remittance services and access to specially designed credit products.
The package also includes Group Personal Accidental Insurance coverage of ₹5 lakh, along with disability-related insurance benefits, offering an important social security safeguard for beneficiaries and their families.
Officials said the initiative follows extensive consultations between the government and the bank and is expected to significantly improve financial security and access to banking services for a large segment of the workforce in Jammu and Kashmir.