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

IANS  |  Srinagar 

Hours after Chairman-cum-Managing (CMD) was sacked and his office and residence were raided by the (ACB), the government said on Saturday that it would take long-term measures to improve the functioning of the and make it an institute of excellence.

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

In the backdrop of these developments, the issued a statement saying, "Keeping in view the concerns expressed in various quarters regarding the governance and functioning of the Bank, the government has decided to take long-term measures to improve the functioning of the so that it becomes a shining example of a

"As a first step, the government has decided to change its on of J&K Bank, Parvez Ahmed, who is also the Consequent to his replacement as a government appointed Director, has taken on record cessation of directorship of as "

The statement further said: "The government has appointed R.K. Chibber, of J&K Bank, as the government nominee on The board subsequently approved his appointment as an interim CMD of the bank.

"The government has also decided to constitute a to identify a suitable panel of names for being appointed to the board of directors of and subsequently for consideration as Managing Director of the bank."



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 08 2019. 21:12 IST