Why in news:

• Jammu and Kashmir Bank has embarked on an innovative venture in collaboration with Paymart India Pvt Ltd, introducing a Virtual ATM (VATM) service to enhance banking convenience, particularly in regions like Jammu & Kashmir and Ladakh.

Key Points:

• This strategic partnership aims to revolutionize cash withdrawal services by leveraging technology, reflecting the bank's commitment to providing innovative solutions for its customers.
• The MOU signing ceremony, presided over by the Bank’s MD & CEO Baldev Prakash, saw the formalization of the agreement. CEO Amit Narang signed on behalf of Paymart India Pvt Ltd.
• Expressing enthusiasm about the collaboration, MD & CEO of Jammu and Kashmir bank Baldev Prakash has highlighted its goal of providing seamless cash withdrawal services through the bank's mobile banking application, mpay Delight plus. The bank has further emphasized the initiative as a significant stride in leveraging technology to enhance banking accessibility and convenience.
• Anticipating the transformative potential of Virtual ATMs in banking, Jammu and Kashmir bank has emphasized the bank's commitment to embracing innovative solutions and enhancing financial inclusion. The bank is exploring avenues to extend this facility to its Banking Correspondents, further reinforcing its dedication to community service.
• In this innovative service, customers utilize their smartphones with the bank's mobile application as a Virtual Card, while the merchant's smartphone functions as the Virtual ATM. Customers initiate a cash withdrawal request through the app, receive an OTP for validation, and upon verification, cash is dispensed by the merchant, ensuring a seamless banking experience.
• The VATM facility enables customers to withdraw up to Rs 2000 per transaction, with a monthly limit of Rs 10000, facilitating convenient cash access for various financial needs.