J&K Bank announces relief to Jan Dhan Yojna accounts - Kashmir Student Alerts

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Sunday, 29 March 2020

J&K Bank announces relief to Jan Dhan Yojna accounts

Jammu and Kashmir Bank has issued directions to the operative levels to give overdraft facility of Rs 10,000 to Jan Dhan Yojna account holders.

“An overdraft of Rs 2000 in each account can be extended to the account holders without any documentation. There are around 22 lakh Jan Dhan account holders in the UT of J&K out of which 16.51 lakh accounts are with J&K Bank.”

J&K Bank shall also be increasing the working capital limits of its account holders to an extent of up to 10 pc of their existing limits. Borrowers interested to avail this facility have been advised to approach their respective business units.

A statement said that J&K Bank has already announced a 3-month moratorium on the payment of instalments of term loans and deferment of interest on working capital facilities outstanding as on March 1, 2020 besides slashing the key lending rate by 75 basis points (0.75 percentage point) and other measures in an emergency move to counter the economic fallout of the coronavirus-induced 21-day lockdown.

J&K Bank has also reduced its external benchmark/ repo linked lined rate by 75 basis points. Further as already announced there would be no charges on debit card transactions on domestic ATMs, NEFT/RTGS transactions initiated on mPay or ebank and on UPI transactions. Also no charges shall be levied on account of non-maintenance of minimum balance.