A spokesman of the state government said on Saturday evening that the J&K Bank has also been directed repeatedly by the Reserve Bank of India (RBI) to separate the positions of Chairman and Managing Director for better governance.
(Photo: IANS)
Having appointed RK Chhibber as the interim chairman of the J&K Bank on Saturday morning, the government has 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 the Managing Director of the bank.
The board of directors on Saturday recommended the appointment of separate chairman and a managing director of the bank. Both these posts were so far vested in a single officer.
A spokesman of the state government said on Saturday evening that the J&K Bank has also been repeatedly directed by the Reserve Bank of India (RBI) to separate the positions of Chairman and Managing Director for better governance.
Advertisement
The Government will be taking steps through the Board of the Bank for making necessary changes in its Article of Association and Bye-laws with regard to the 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 on Saturday, has made the necessary recommendation in this regard.
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.
The Government is committed to take necessary steps for making the Jammu and Kashmir Bank as one of the best performing banks in the country and accelerate economic growth in the state of Jammu and Kashmir, the spokesman added.
Advertisement
