Government nominee on the Board of J&K Bank changed

Bank to have an interim Chairman and Managing Director

SRINAGAR, JUNE 08: Keeping in view the concerns expressed in various quarters regarding the governance and functioning of the Jammu and Kashmir Bank, the Government has decided to take long term measures to improve the functioning of the Bank, so that it becomes a shining example of a well managed Government Owned Bank.

As a first step, the Government has decided to change its nominee Director on the Board of JK Bank, Mr. Parvez Ahmed, who is also the Chairman and Managing Director. Consequent to his replacement as a government appointed Director, the Board has taken on record cessation of Directorship of Sh Parvez Ahmed as Chairman and Managing Director.

The Government has appointed Mr. R.K.Chibber, Executive President of JK Bank as the government nominee on the Board. The Board subsequently approved his appointment as an Interim Chairman and MD of the Bank. The Government has also decided to constitute a Search Committee to identify a suitable panel of names for being appointed to the Board of Directors of JK Bank and subsequently for consideration as Managing Director of the Bank.

The JK Bank has also been directed repeatedly by the Reserve Bank of India to separate the positions of Chairman and Managing Director for better governance. The Government will be taking steps through the Board of the Bank for making necessary changes in its Article of Association/Bye-laws with regard to posting of a separate Chairman and a Managing Director with adequate safeguards in the functioning of the Board to ensure high levels of financial probity, financial control, better risk management and oversight. The Board of Directors in its meeting today has made necessary recommendation in this regard.

The Government is committed to take necessary steps for making the Jammu and Kashmir Bank as one of the best performing bank in the country and accelerate economic growth in state of Jammu and Kashmir.

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