Change of guard at J&K Bank | R K Chhibber assumes office as interim Chairman cum MD

Change of guard at J&K Bank | R K Chhibber assumes office as interim Chairman cum MD
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Pursuant to the order of the state government regarding change of guard at J&K Bank, R K Chhibber assumed office as interim Chairman-cum-Managing Director of the Bank.

Earlier, the Board of Directors in its meeting held on 8June 2019 at bank's corporate headquarters took on record the government orderand passed a resolution regarding "appointment of R K Chhibber as nomineeDirector of the government of J&K (Govt Director) on the Board of the Bankwith effect from 8 June 2019," the bank in a statement said.

Besides, the Board passed another resolution appointing R KChhibber as the interim Chairman cum Managing Director of the Bank subject tothe approval of RBI.

R K Chhibber shall also be the interim Chairman of allsub-committees of the Board previously headed by the ex-Chairman Parvez Ahmad,who was sacked by the government on Saturday.

The Board also recommended splitting of the post of Chairmanand Managing Director as per the provisions of SEBI regulations and RBIguidelines.

On the occasion, R K Chhibber said: "Having full faith andconfidence in the outstanding workforce of the Bank, we shall strive to notonly weather the challenges at hand but put the Bank on a different pedestalwith committed support of our promoters, the J&K government, regulators,vibrant management and dedicated workforce."

Delineating his priorities R K Chhibber said, "Setting newbenchmarks in business growth and profitability through customer centricbusiness strategies, employee development and welfare, increased shareholdervalue, strengthening governance and improving compliance culture across theorganisation would be the prime focus areas."

Meanwhile, the employees of the bank gave a resoundingwelcome to the new Chairman at the corporate headquarters here and pledgedtheir full support and commitment towards achievement of corporate goals.

JOINED BANK IN 1982

R K Chhibber, who assumed office as InterimChairman-cum-Managing Director, J&K Bank, has joined the services of thebank as probationary officer in 1982.

Chibber has led the bank in various capacities from managingbusiness operations at branch, zonal offices and at corporate level, the bankin a statement said.

According to the statement, his main areas of expertiseinclude "Credit, Finance, IT, Corporate & Retail Banking, Risk Management,Trade Finance, Foreign Exchange, Business Continuity Planning, HR, and BancAssurance."

"The Bank made remarkable improvements in technologyinfrastructure and expertise while being headed by him as Vice President IT,"it said.

He also headed J & K Grameen Bank as Chairman for nearlythree years and brought great laurels to the bank by performing with dedicationand with accomplishment of key strategic goals.

Prior to stepping into the role of Interim Chairman &MD, he as Executive President functioned as Chief Compliance Officer of thebank besides handling Business Support division, Insurance, Government Banking,Lead Bank, CSC, FID, Subsidiary Management, culture and sports functions of thebank.

He has to his backing a vast experience in versatile fieldsof banking and finance and almost three decades of relentless efforts inraising key milestones in the development of the bank, the statement said.

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