Srinagar, Dec 14 (Only Kashmir): In a major significant development, the Jammu and Kashmir Bank on Thursday launched first of its kind finance scheme “J&K Bank Sahafat Finance Scheme” for state based Journalists. With minimum rate of interest, the scheme provides a maximum credit of Rs 3 lacs repayable in 60 Equated monthly installments for purchase of cameras, tablets, laptops etc and revolving cash-credit facility to meet routine money needs.
The purpose of the unique scheme is to provide easy and hassle-free finance to media persons for personal and professional needs on urgent basis. The maximum credit of Rs 3 lacs repayable in 60 EMI’s shall be provided in form of term loan for purchase of cameras, tablets, laptops etc and revolving cash-credit facility to meet routine money needs. With minimum rate of interest, the scheme also offers an insurance cover of Rs 4 Lacs against an annual premium of Rs 342 to be borne by the borrower.
J&K Chairman and CEO Parvez Ahmed speaking at the launch of “J&K Bank Sahafat Finance Scheme” in presence of bank’s Executive Presidents Vagesh Chander, S S Sehgal, and senior management besides large number of working journalists and personnel working with different newspapers, channels and other media-outlets, here at the Bank’s auditorium at Corporate Headquarters.
He said in today’s world information is as important as finance because both are means of empowering individuals and societies in their own ways. Media, being the major source of information, has been a very important stake holder in building the reputation of J&K Bank and it is a matter of pleasure for me to be here launching this unique product “J&K Sahafat Finance Scheme” that aims to make you financially comfortable in times of need.
“In past media as an industry was not a concept at all which has changed over the time and it is history now. However, I am glad that media has taken a proper shape here and has transformed into a viable professional activity being represented by very competent and passionate people at national and international level. Many of our bright minds in media have earned global acclaim. Former Chairman of our Bank and incumbent Finance Minister of the State was a globally acclaimed Business Journalist at Business Standard as National Editor on Macro Economic Issues. Nayeema Mehjoor, Basharat Peer, Mirza Waheed, Aliya Nazki, Sameer Bhat, Rahil Khurshid are few others among the lot”, he added.
He further said, “Every district in the state now boasts of several local news and magazine editions, not to talk of, hundreds at the state level. Understanding and realizing the uninterrupted contribution made by the local Media persons – Journalists, Reporters, Camera men, printers, publishers in highlighting the problems and issues faced by the people of the State especially during past few decades by risking their lives; J&K bank has decided to recognize media as a viable sector. Thus Financial Empowerment by way of easy loan schemes will become an enabler for our media persons to undertake it as a full time profession with decent economic returns.”
“We understand your difficulty of not being compensated proportionate to your hard work, but this kind of easy access to finance, we hope, will enable you to harness your talent and enhance the monetary returns on your work”, he added.
Chairman used the occasion to express his gratitude to the media fraternity for supporting the only flagship company from J&K during tough times besides providing the feedback from people thereby helping it to improve its delivery of services.
He sought consistent support from the fraternity in the bank’s journey towards greater heights of success and excellence.
Earlier, Executive President S S Sehgal welcomed the guests and gave a brief overview of the new products that the bank has launched during the last year, wherein the specific needs of the targeted customers were met.
On the occasion, Vice-president Rakesh Gandotra gave a comprehensive account of the product that has been uniquely tailored for the media persons. (OK)