J&K Bank shall continue to march ahead towards higher levels of excellence: Chairman

SRINAGAR: ‘The business processes of the bank shall continue to be further streamlined and the bank shall win complete trust of its various stakeholders. It shall continue to march ahead towards higher levels of excellence.’

The newly appointed J&K Bank Chairman and Managing Director R K Chhibber today stated this to the investors in his first conference call about the business process improvements in the bank, which he said would continue as per the policies laid down by the bank’s board.

Representing the Government, which is the major shareholder in the bank, Financial Commissioner, Finance, J&K Government Dr. Arun Kumar Mehta, IAS also interacted with the investors during the conference call.

On the occasion, Chairman and Managing Director, RK Chhibber said, “Information systems of the bank are already robust. Succession planning would be strengthened along with oversight of the board for reduction of risk and improvement of the bank’s regulatory rating”,

He also informed them about the proposed separation of posts of Chairman and Managing Director as per the RBI regulations and SEBI guidelines. The Chief Compliance Officer has been tasked to enhance the preventive vigilance mechanism and the accountability processes.

Referring to recent change at the level of CMD, the investors and all other stakeholders were assured that it was part of restructuring processes. He asserted, “the raids of Anti-Corruption Bureau (ACB) will have no financial implications on the bank as these are based on complaints.”

Dr. Arun Kumar Mehta, IAS, also reassured the investors that the government’s unflinching support to the bank shall continue. He said that several steps have been taken to enhance the trust of people in the Bank aimed at improving transparency, accountability, and responsiveness. The Government is committed to make the Bank as one of the best performing banks in the country and developments in recent months should be seen in this perspective.