R K Chhibber assumes office as Bank’s interim Chairman-cum-Managing Director

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 June 8, 2019 at bank’s corporate headquarters took on record the government order and passed a resolution regarding “appointment of R K Chhibber as nominee Director of the J&K government (Government Director) on the Board of the Bank with effect from June 8, 2019.

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

R K Chhibber shall also be the interim Chairman of all sub-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 Chairman and Managing Director as per the provisions of SEBI regulations and RBI guidelines.

CMD Speaks

Soon after assuming the office as Chairman-cum-Managing Director of the Bank, R. K. Chibber said, “Having full faith and confidence in the outstanding workforce of the Bank, we shall strive to not only weather the challenges at hand but put the Bank on a different pedestal with committed support of our promoters, the J&K government, regulators, vibrant management and dedicated workforce.”

Explaining his priorities R K Chhibber said, “Setting new benchmarks in business growth and profitability through customer centric business strategies, employee development and welfare, increased shareholder value, strengthening governance and improving compliance culture across the organisation would be the prime focus areas.”

Meanwhile, the employees of the bank gave a resounding welcome to the new Chairman at the corporate headquarters here and pledged their full support and commitment towards achievement of corporate goals.

Joined Bank in 1982

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

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

His main areas of expertise include “Credit, Finance, IT, Corporate & Retail Banking, Risk Management, Trade Finance, Foreign Exchange, Business Continuity Planning, HR, and Banc Assurance.”

“The Bank made remarkable improvements in technology infrastructure and expertise while being headed by him as Vice President IT.

He also headed J & K Grameen Bank as Chairman for nearly three years and brought great laurels to the bank by performing with dedication and 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 the bank besides handling Business Support division, Insurance, Government Banking, Lead Bank, CSC, FID, Subsidiary Management, culture and sports functions of the bank.

He has to his backing a vast experience in versatile fields of banking and finance and almost three decades of relentless efforts in raising key milestones in the development of the bank.