For all branches of J&K Bank, it is business as usual

It was business as usual at all the branches of J&K Bank in Jammu and Kashmir and outside on Monday -- two days after the searches carried out by the Anti-Corruption Bureau (ACB) at the bank's corporate headquarters in Srinagar city.

ACB searches followed the sudden sacking of Chairman Parvez Ahmed by the state government on Saturday.

R.K. Chibber, who chaired a board meeting of the bank's directors on Saturday, was appointed as the interim Chairman.

An ACB press release said that the two-day long search operation ended on Sunday.

ACB officials said documentary evidence regarding the mismanagement, nepotism and corruption by the ousted Chairman were collected and investigation was on.

All branches of the bank started their operations normally on Monday. Customers transacted, deposit and loan business at the branches in both the Valley and the Jammu region as usual.

Employees of the bank have said in a statement that their loyalties are with the institution and its progress and development and not with any person or his position.

Kashmir traders and manufacturers association, headed by Muhammad Yasin Khan, has expressed confidence in the financial stability and the contribution of the bank in the development of the state as its premier financial institution.

There has been a dip in the bank's share value when the NSE opened on Monday morning. Bank officials have expressed confidence that the share will pick up quickly as the day progresses.

--IANS

sq/pg