Excelsior Correspondent
SRINAGAR, May 2: J&K Bank today convened a special meeting of J&K State Level Bankers’ Committee (SLBC) here at the Bank’s Corporate Headquarters to discuss three new social security schemes namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) besides ascertaining the preparedness of all stakeholders with regard to implementation of these new schemes in the State.
Commissioner, J&K Commercial Taxes Department, Zaffar Ahmad (who is State Mission Director (PMJDY) and president, J&K Bank, S K Bhat jointly chaired the meeting that was attended by representatives of major Commercial Banks, Insurance Companies operating in J&K State and representatives from State Information Department.
Highlighting main features of the schemes S K Bhat said, “It would be a path-breaking initiative towards providing accessible social security mechanism in a convenient manner linked to auto-debit facility from the bank account of the subscriber.”
“The two to-be-launched insurance schemes, namely PMSBY and PMJJBY, would provide an insurance cover to the subscriber in case of death by any cause and death or disability due to an accident respectively, whereas the pension scheme, APY, would address old age income security needs”, he added.
Such a convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life/accident insurance and old age income security products in the country, said Zaffar Ahmad.
Both the Chairpersons advised the stake holders to move ahead in a mission mode and put in their efforts collectively. Representatives of banks and insurance companies assured the chairpersons that all the necessary measures had been put in place for successful implementation of the schemes.
The chair-persons expressed satisfaction that the banks have already signed Memoranda of Understanding (MoUs) with the various insurance companies and already initiated enrolment of people under the schemes from May 1, 2015 as per the directives of the DFS, MoF, (GoI).
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