J&K Bank Puts CFO’s ‘Controversial’ Appointment on Hold

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J&K Bank Headquarters in Srinagar. KO file photo

Srinagar: A day after J&K Apni Party (JKAP) president Altaf Bukhari alleged that the recent ‘appointment’ of J&K Bank CFO violated domicile law, the bank came announced that it has put the appointment on hold.

Chairman and Managing Director of J&K Bank Rajesh Kumar Chhibber Sunday said the appointment for the post of the CFO had been put on hold.

In a statement issued here, the J&K Bank CMD said, “The yet-to-be-formally-confirmed appointment of the allegedly non-domicile candidate for the post of CFO had been started before the introduction of the recent domicile law and as of now the appointment has been put on hold.”

He said this was done keeping in view the interests of the domicile candidates of J&K and Ladakh, and would be reviewed accordingly.

The Chairman said the bank also stands ready to roll out a recruitment drive, in a short time, with significantly larger number of posts compared to the earlier one that was quashed.

The bank has also re-advertised the post of Managing Director where applications have been invited only from eligible domicile candidates of J&K and Ladakh.

He said long before the outbreak of current pandemic, J&K Bank had reconstituted almost its entire board of directors that now includes highly experienced professionals, experts from different yet significant spheres of financial world who bring a wealth of knowledge and knowhow about contemporary banking to the board.

The CMD said the bank had also embraced a culture of transparency due to adoption of CVC guidelines and implementation of the RTI Act.

“So the institutional health of the bank is sound and in safe hands of 12000 strong JK Bank family,” he said. “The bank is functioning as per its laid down institutional guidelines.”

The Chairman said the COVID-19 pandemic had brought the entire life globally to a grinding halt while processes stand disrupted everywhere; so is the India’s situation.

“However, the financial system led by the RBI is very much taking all necessary steps to ensure business continuity,” he said. “Here, as the premiere financial institution of the region, J&K Bank has also chalked out a detailed plan not only to keep the business continuity intact during the pandemic but has adopted a proactive approach to address the immediate as well as its long-term effects on borrower segments and business sectors in J&K.”

The Chairman said the bank was ensuring that its customers do not face problems while availing all its services.

Earlier Altaf Bukhari had alleged that the government in J&K “has clandestinely amended the recruitment rules after August 5 and created a window for the appointment of non-residents of J&K especially to the top posts of J&K Bank.”

Earlier this week, the board of directors approved the appointment of Satya Narayan Gupta as CFO of the Jammu and Kashmir Bank.

“This is totally unacceptable because any such recruitment is illegal and in violation of Domicile Law for J&K,” Bukhari said on Saturday and demanded immediate revocation of the order.

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