Employing a field dependent three-momentum cut-off regularization technique, we study the phase structure and mesonic masses using the 2-flavour Nambu-Jona Lasinio model at finite temperature and density in presence of arbitrary external magnetic field. This approach is then applied to incorporate the effects of the anomalous magnetic moment(AMM) of quarks on constituent quark mass and thermodynamic observables as a function of temperature/baryonic density. The critical temperature for transition from chiral symmetry broken to the restored phase is observed to decrease with the external magnetic field, which can be classified as inverse magnetic catalysis, while an opposite behaviour is realized in the case of a vanishing magnetic moment, implying magnetic catalysis. These essential features are also reflected in the phase diagram. Furthermore, the properties of the low lying scalar and neutral pseudoscalar mesons are also studied in presence of a hot and dense magnetized medium including AMM of the quarks using random phase approximation. For non-zero values of magnetic field, we notice a sudden jump in the mass of the Goldstone mode at and above the Mott transition temperature which is found to decrease substantially with the increase in magnetic field when the AMM of the quarks are taken into consideration.

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