J&K government vows to make J&K Bank institute of excellence

Srinagar, June 8 (IANS) Hours after J&K Bank Chairman-cum-Managing Director (CMD) Parvez Ahmed was sacked and his office and residence were raided by the Anti-Corruption Bureau (ACB), the Jammu and Kashmir government said on Saturday that it would take long-term measures to improve the functioning of the bank and make it an institute of excellence.

The state government, which holds 59 per cent stake in the bank, on Saturday removed its CMD Parvez Ahmed and had him immediately replaced by an interim CMD. Soon after the decision to remove Ahmed was announced, sleuths of the state Anti-Corruption Bureau (ACB) raided the bank's corporate headquarters here.

In the backdrop of these developments, the state government issued a statement saying, "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 CMD."

The statement further 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 CMD 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."