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CU Kashmir inks pact with JK Bank

CUK VC, Bank chairman inaugurate ATM inside Green Campus

VC asks Bank to set up branch at designated Tulmulla campus:

Ganderbal, May 8: To provide modern banking facilities, services and solutions to the students, staff and other stakeholders, the Central University of Kashmir (CUK) Wednesday inked a Memorandum of Understanding (MoU) with Jammu and Kashmir Bank (JKB) at Green Campus of the varsity here on Wednesday.

The MoU was signed by Registrar CUK Prof. Fayaz Ahmed Nikka and President S&IT J&K Bank Mr. Rakesh Gandotra in the presence of CUK Vice-Chancellor, Prof. Mehraj ud Din Mir and J&K Bank Chairman and CEO, Mr. Parvez Ahmed.

The MoU is intended to enable the two institutions to work together and help in better social change. Under the MoU the bank shall be providing better banking services to the students, staff and faculty of the University.

Deans of various faculties, Director Research and Development, Prof. Abdul Gani, Controller of Examinations, Prof. Parveen Pandit, senior functionaries of the university, Executive Presidents of J&K Bank, Mr. P K Tickoo and Mr. Rakesh Chibber and President S&IT, Mr. Rakesh Gandotra were also present on the occasion.

While delivering his presidential address, the Vice-Chancellor Prof. Mehraj-ud-Din said that the people of Jammu and Kashmir consider J&K Bank as its own bank, adding that the masses have rich personal experiences of dealing with the officials of the J&K Bank in their respective branches and offices. He lauded the Chairman and CEO, J&K Bank, Mr. Parvez Ahmed, for taking the bank to the newer heights and said the institution was moving ahead under his leadership. He said the J&K Bank has adopted all the modern technological advancements in banking for the benefit of the customers. He said the J&K bank is playing a vital role in providing employment opportunities to the youth of the State.

Prof. Mehraj ud Din Mir described the MoU as a milestone in the history of CUK. He desired the bank to construct a state-of-the-art branch at the designated Campus at Tulmulla for which the land shall be made available by the varsity. He asked the Bank Chairman to partner CUK in its overall growth and development.  Prof. Mehraj ud Din Mir also gave a detailed account about the functioning of the university and programmes offered. 

Chairman and CEO, J&K Bank, Mr. Parvez Ahmed, described the signing of MoU as a momentous occasion and assured that the bank would provide every possible assistance to the students and other staff members with regards to the facilities mentioned in MoU. “The pearls of the ancient wisdom are that the secret of the change is to focus the energy building the new and not on fighting the old,” he said while referring to the building of relationship between the varsity and the bank.  He also stated that the CUK’s academic approach with an objective to uplift and empower the society is in sync with the larger objectives of J&K Bank to empower every individual and household for the overall economic upliftment. Mr. Parvez Ahmed said that after taking over as Bank Chairman, his focus has been to develop strong linkages with institutions, particularly with educational institutions, which produce the future leaders. He said the bank understands the needs of the educational institutions and accordingly customizes its services.

Mr. Parvez Ahmed hailed the signing of MoU and said that this is just the beginning of the relationship which will go beyond the commercial consideration. “We will try that both the institutions grow and create new milestones for the benefit of the society,” he said and appreciated the staff of both the institutions for the breakthrough.

Executive Presidents of J&K Bank, Mr. P K Tickoo and Mr. Rakesh Chibber, while addressing the gathering said, the signing of MoU with CUK is to build a strong relationship between the two institutions. “Knowledge is power so CUK is a power house and J&K Bank is a financial power house. Coming together of both the power houses would yield great results for all the stakeholders,” Mr Tickoo said. The duo said that J&K Bank is more than a bank as it believes in upholding the flag of Corporate Social Responsibility (CSR). 

Speaking on the occasion, Registrar and Finance Officer, Prof. Fayaz Ahmad Nikka termed the signing of MoU as a huge milestone in the history of CUK and J&K Bank. “The objective of both organizations, by and large is common, that is social change. CUK is mandated to bring about social change through education and empowerment and J&K Bank has a similar mandate of financial empowerment. Prof. Fayaz expressed optimism that the signing of MOU shall help the University to reap better dividends for its students, staff and faculty and at the same time shall help the bank in better credit creation for the overall benefit of the society.

Prof. Nikka said J&K Bank has become a household name due to its reach and is enjoying the trust of people as its competitive advantage. He lauded the bank for successfully meeting the aspirations of people to uphold and sustain the trust. He also said that bank has become a partner of the University in providing better financial management and discipline. He also appreciated the role of the leadership of the bank and the employees for meeting challenges of change and upheavals in a similar manner as the Central University of Kashmir has carved a space in the educational panorama of the country despite many constraints.

Deputy Registrar, Finance and Accounts, Dr. Javid Ahmad Wani and Dr. Javed from Jammu and Kashmir bank conducted the programme proceedings and said the MoU is a framework document, which defines the terms of a robust and vibrant  relationship between the Central University of Kashmir and Jammu and Kashmir Bank. The MoU is a well-conceived document they said.

JK Bank Zonal Head, Mr. Rayees Maqbool proposed the vote of thanks and hailed the role of the University for its efforts to develop relationship with J&K Bank.

After conclusion of the function the Bank chairman had a detailed interaction with the students of the Department of Management Studies and Commerce, tourism and DIC wherein he responded to many questions from the students.

Earlier, Vice-chancellor and the Chairman jointly inaugurated the ATM of the bank at the Green campus. Under its CSR programme, the J&K Bank donated a 32-seater bus to the university. 





The bank shall provide following institutional services and facilities to the University: Institutional accounts to be opened wherein no service/commission or any other charges shall be levied (charges levied if any shall be reversed), all services like POS, Payment Gateway, e-Solution for Revenue Collection, e-Solution for collection of all types of fee viz Admission fee, Hostel fee, Examination fee, Registration Fee etc to be provided free of cost,  Bank shall provide fee collection facility to the University students at all Business Units of J&K Bank, which will be based on e-Challan system, Payment/disbursement of funds like Employee Payments, Student refunds, Vendor Payments etc through offline/online mode/RTGS/NEFT/PFMS etc. without any charges, Collection Services like PGW, Automated Clearing House (NACH), Point of Sale, Net Banking, KIOSK Services  etc. without any charges, other Bank cheques/financial instruments to be accepted and remitted without any charges, bank shall be providing free of cost dedicated Fund Manager to manage the surplus Sweep-in facility for Institutional Account/s of the University, preferred rate of Interest on Bulk deposits with secured returns. University shall be free to place Fixed Deposits with any other Bank if the J&K bank fails to provide matching return, services to the University for PFMS portal, collection of Income Tax deposits, remittance of GST etc without any charges, bank shall Sponsor Seminars, conferences, workshops and other academic/administrative initiatives of the University as mutually agreed upon, Bank shall establish a full-fledged Branch in University Campus with Best in Class Banking Services for which the required land shall be provided by the University free of rent and till the branch comes up at the campus, Bank personnel to be deployed at University campus as per the need of the University, separate bank counter for the University staff and students at the nearest branch/s of the J&K Bank.

The MoU further says that bank shall provide following facilities, concessions to the students including: No-frill Accounts/Zero balance accounts with debit cards to be provided to students. No requirement of maintaining minimum balance, debit Card to be issued free of charges with no annual usage charges. Free e-banking/ SMS facility, 50 per cent concession on normal charges in respect of issue/ cancellation of Demand Drafts & Pay Orders, student savings bank account shall be converted to General Savings Bank Account after completion of studies or on relinquishing the studies, whichever is earlier, smart Campus Cards to be issued free of cost which shall serve as student ID card as well as bank debit card, educational loans as per the bank norms to be provided to students with waiver of processing fee, bank shall arrange guest lecturers from trained staff for Students of the University and students shall also be accommodated by the bank for internships.



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