Jammu and Kashmir Bank Chairman Parvez Ahmad removed; R K Chibber appointed interim chief

The Jammu and Kashmir government on Saturday removed Chairman of J&K Bank Parvez Ahmad and appointed R K Chibber as interim chairman of the lender. 

"Parvez Ahmad, Chairman cum Managing Director, shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board," an order issued by Additional Secretary, Finance, Vishal Sharma said in Srinagar.

It further added that R K Chibber has been appointed as the interim chairman and director on the board of directors. Ahmad was appointed the Chairman of the bank in 2016.

"R K Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," it added.

Taking to Twitter after being sacked, Parvez Ahmad stated that he has no regrets and he did his job most diligently, honestly and in the best interest of the institution. He further added that he is open to the scrutiny of each and every transaction that he did during his two decades-long tenure with the bank.

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Minutes after the removal of Parvez Ahmad as chairman of the J&K Bank, state vigilance organisation sleuths raided the financial institution's corporate headquarters in Srinagar.

As per the officials, the vigilance organisation was looking for records of nearly 1,200 appointments allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad's tenure. 

The sleuths raided the bank's corporate headquarters at M A Road in Srinagar soon after the state government dismissed Ahmad and appointed executive president R K Chibber as the bank's interim chairman, the officials said.

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(With agency inputs)