Chairman of the J&K Bank, Parvez Ahmad, was shunted out by the State Government ‘unceremoniously’ on Saturday.
Shortly after the decision of the State Government was made public, sleuths of State vigilance organisation swooped down on the corporate headquarters of the bank in Srinagar.
The vigilance organisation was looking for records related to recent appointments allegedly made at the behest of political leaders in the state during Ahmad’s tenure in office.
According to the spokesman of the state government, “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 change its nominee Director on the Board of JK Bank, Parvez Ahmed, who is also the Chairman and Managing Director”.
The state government spokesman also stated, “Government has appointed RK 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 state government spokesman said, “the Government has also 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.
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 Board of Directors in its meeting today has made necessary recommendation in this regard” the state Government spokesman said.