SRINAGAR Reserve Bank of India (RBI) has appointed its former Executive Director A.K Misra as Additional Director on the Board of Directors (BOD) of the Jammu and Kashmir Bank Limited.
Accordintg to an order by RBI, Misra has been appointed by RBI in exercise of the powers conferred by sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949 (10 of 1949).
His appointment shall be for a period of two years with effect from July 3, 2019 to July 2, 2021 or till further orders.
“He shall hold office during the pleasure of Reserve Bank of India, and subject thereto, for a period of two years upto July 2, 2021 or till further orders, whichever is earlier,” reads the order.
As Additional Director on BOD of the JK Bank, Misra shall be entitled to the usual sitting fee and allowances as payable to other directors for attending the meetings of the Board and Committees.
Welcoming the decision, the J&K Banks Chairman and Managing Director Rajesh Kumar Chhibber said that the appointment will further strengthen the process of transparency and accountability in the governance framework besides enhancing the efficiency of the banks board as the appointee brings in a wealth of experience and expertise from his earlier assignments at the regulator bank.
I welcome the decision and we shall extend full support and cooperation to Mr A K Misra in making the bank stronger, efficient, transparent and more accountable to its stakeholders, said the Chairman.