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 tothe account holders without any documentation. There are around 22 lakh JanDhan account holders in the UT of J&K out of which 16.51 lakh accounts arewith J&K Bank.”
J&K Bank shall also be increasing the working capitallimits of its account holders to an extent of up to 10 pc of their existinglimits. Borrowers interested to avail this facility have been advised to approachtheir respective business units.
A statement said that J&K Bank has already announced a3-month moratorium on the payment of instalments of term loans and deferment ofinterest on working capital facilities outstanding as on March 1, 2020 besidesslashing the key lending rate by 75 basis points (0.75 percentage point) andother measures in an emergency move to counter the economic fallout of thecoronavirus-induced 21-day lockdown.
J&K Bank has also reduced its external benchmark/ repolinked lined rate by 75 basis points. Further as already announced there wouldbe no charges on debit card transactions on domestic ATMs, NEFT/RTGStransactions initiated on mPay or ebank and on UPI transactions. Also nocharges shall be levied on account of non-maintenance of minimum balance.