Srinagar, Jun 8 (PTI) Jammu and Kashmir Lieutenant Governor Manoj Sinha rolled out on Wednesday an accidental insurance cover of Rs 15 lakh for government employees in the union territory.

Jammu and Kashmir Bank will extend the insurance cover, an official spokesman said here.

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Sinha also launched the bank's 'Phone Pe Loan' facility for government employees.

The free group personal insurance cover is extended to all permanent employees, in addition to the offers that they are entitled to under an agreement between the bank and the Jammu and Kashmir government.

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The bank has contracted with Oriental Insurance Company for extending the cover, the spokesman said.

The policy for group accidental insurance shall cover personal accidental deaths under all circumstances, including terrorism, on anytime and anywhere basis. The insurance company will be required to settle the claims within 15 working days of submission of all requisite papers, he said.

Under the 'Phone Pe Loan' scheme, the salaried employees can avail personal consumption loan and cash credit facilities at discounted rate of interest, the spokesman said.

Sinha said people-centric initiatives such as 'Phone Pe Loan' and 'Accidental Insurance Cover' will ensure hassle-free credit flow and social security net for the employees.

Jammu and Kashmir Bank, with a strong and diversified banking system, is reaching out to all sections of society for financial inclusion and delivering financial services to the last man in queue, the lieutenant governor said.

With consistent reforms in the last two years, J-K Bank has demonstrated resilience in adapting to the challenges and emerged as one of the most trusted and reliable banks in the union territory, he said.

The lieutenant governor directed the bank to enhance the insurance amount from Rs 15 lakh to Rs 25 lakh from the next financial year.

Highlighting several steps being taken to end the non-transparent credit culture and to bridge the gap in credit availability, Sinha said his administration is making dedicated efforts to strengthen the credit flow system.

Jammu and Kashmir Bank MD and CEO Baldev Prakash expressed gratitude to the union territory administration for extending support to the bank for its effective functioning.

The bank has registered an annual net profit of Rs 501 crore for the financial year 2021-22, its best performance in the last seven years, Prakash said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)