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J-K Bank Chairman Parvez Ahmad removed

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R K Chibber appointed interim chief

Srinagar, Jun 08: The Jammu and Kashmir government Saturday removed J&K Bank Chairman Parvez Ahmad and appointed R K Chibber as interim chairman of the bank.

"Parvez Ahmad, Chairman cum Managing Director, shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board," an order issued by Additional Secretary, Finance, Vishal Sharma said here.

It added that R K Chibber has been appointed as the interim Chairman and Director on the Board of Directors.

Chibber will replace Ahmad, who was appointed in 2016 as the Chairman of the J&K Bank.

"R K Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," it added.

Sharma said the directions shall come into effect immediately.

Meaning giving details of the development, an official press release informed that 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 J&K Bank, 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 Parvez Ahmed as Chairman and Managing Director, the official press release said.

It said the government has appointed R.K.Chibber, Executive President of J&K 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 J&K Bank and subsequently for consideration as Managing Director of the bank, the press release informed.

Pointing out that the J&K 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 press release said the government will be taking steps through the Board of the Bank for making necessary changes in its Article of Association/By-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, it said while adding that 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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