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J&K Bank waives rentals on POS terminals

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Srinagar, Feb 3: J&K Bank has waived rentals on its Point of Sale (POS) terminals installed in the UT of J&K from August, 2019 to January 2020.

The concession will be passed on to POS terminals (both GPRS and MPOS devices) having no transactions during the aforementioned period. The move has come as a goodwill gesture from the premier financial institution and aims to give impetus to cashless payments in the region.      


“Understanding the difficulties faced by the business establishments in J&K, the bank has decided to provide relief to the subscribers of POS machines who could not carry out transactions during this particular period,” the bank’s Chairman and Managing Director Rajesh Kumar Chhibber said.

He also said that the sharp rise in bank’s fast and safe digital payments, has been possible only through a proactive digital policy of the bank that envisages 100 percent digital transactions, in the next couple of years.

Pertinently, the bank had earlier featured among the top three positions in achieving targets in digital payment transactions as per Ministry of Electronics and Information Technology’s (MeitY) “Digidhan Dashboard”- a platform for accurate reporting, monitoring and analysis of all digital payments transactions occurring in the country.