Excelsior Correspondent
SRINAGAR, Mar 9: Dr Haseeb Drabu, Minister for Finance, Labour and Employment today launched J&K Bank’s Family Protection Savings Account, here at SKICC, in the presence of JKB Chairman Parvez Ahmed and others.
CEO Designate PnbMetlife Ashish K Srivastava. Director Bancassurance PnbMetlife Sameer Bhansal, J&K Bank Executive Presidents, Senior Presidents, Presidents, Vice Presidents and other officers besides executives from PnbMetlife were also present on the occasion.
Drabu also unveiled the Debit Card specially customized for the product, which has been designed in collaboration with PnbMetlife. Comprehensively covering the risk of living too short, the product protects the financial cover of the family of the customer in case of demise against small premium and provides assured monthly income to sustain the families for a certain period of time.
“J&K Bank needs to move ahead of financial inclusion, which it has been doing commendably well, and create a comprehensive framework for deepening of financial services within the state. And the bank’s Family Protection Savings Account can be a good beginning in this regard as it’s quite a good liability side product,” Drabu said at the launching ceremony.
Pointing out that most of the stock of our savings is physical, mostly either in the form of land or in gold, the Finance Minister and renowned economist said that if we can convert 10 percent of this stock into savings that will be a huge thing for State economy whereby J&K Bank can gather these deposits and put them to some productive use.
Correcting the perception about low CD Ratio of banks in the State, he said that it was more about the avenues to lend in the State than the reluctance to lend by the banks.
Urging the management of bank to think and devise innovative ways to leverage the bank’s tremendous emotional equity and immense presence across the State to its maximum, he said, “I feel very comforted by the Chairman J&K Bank’s keen sense of responsibility towards the emotional equity and trust people of State repose in the bank.”
“It is the moral, ethical and professional duty of every member of the J&K Bank to respect it and create further value for all the stakeholders. And I believe that under the leadership of Parvez Ahmed you shall be successful in doing that”, he added.
On the occasion, Dr Drabu along with Parvez Ahmed and Ashish K Srivastava presented mementos to officers of J&K Bank and PnbMetlife who were involved in the productization and customization process of the product.
Earlier, Chairman and CEO, Parvez Ahmed, in his speech, called the occasion eventful for the partnership between J&K Bank and Metlife who had recently completed 15 successful years of togetherness.
Emphasizing to the people at both sides of the partnership, Parvez said that as Chairman of the Bank, his only focus was to derive maximum benefits from this partnership for the customers of his Bank who were unconditional in reposing their faith and trust on this indigenous bank. While advising the Metlife top brass to ensure maximum value addition to the investments of JKB customers, Parvez asked his Managers to ensure due diligence, ethical selling with consent and maximum awareness to the customers about the benefits of the Metlife so as to ensure sincere custodianship of their faith and loyalty
Ashish K Srivastava, CEO (Interim), PnbMetLife, called the launch of ‘J&K Bank Family Protection Saving Bank Account’ as the significant step towards making the relationship between J&K Bank and PnbMetlife stronger while serving the customers best.
He said, “our benchmark partnership with JKB has given us a strong foundation to launch this proposition, which would help in protecting the financial future of our customer’s families by providing a regular guaranteed income in case of the unfortunate demise of the account holder.”
Speaking at the beginning of the function, Director Bancassurance PnbMetlife Sameer Bhansal, said that ‘J&K Bank Family Protection Saving Bank Account’, was the first of its kind as the liability side product. “Against a small premium every year, the families of insured would be provided an assured monthly income to survive and sustain the difficult times in case of customers demise,” he informed and added that the product if marketed and sold well holds huge prospect of Rs 15000 crore business for the bank.
The function concluded with vote of thanks presented by the bank’s Executive President Abdul Rauf Bhat.
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