Srinagar: The Jammu and Kashmir government on Saturday removed J&K Bank chairman Parvez Ahmad and appointed RK Chibber as interim chairman, minutes after which the state vigilance organisation raided the financial institution's corporate headquarters.
The vigilance sleuths were 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, Press Trust of India quoted officials as saying.
The sleuths raided the bank's corporate headquarters at MA Road soon after the state government dismissed Ahmad and appointed Chibber as the bank's interim chairman, making him the first person from outside the Valley to occupy the chair since the bank’s establishment in 1938.
"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.
Chibber will replace Ahmad, who was appointed in 2016 as the chairman of the bank. "RK 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.
Sharma said the directions shall come into effect immediately.
J&K bank was incorporated on October 1, 1938, as the first bank in the country to emerge as a state–owned bank.
The former finance minister of the J&K, Haseeb Drabu, had also served as chairman of the bank earlier.
In November last year, the Governor-led State Administrative Council (SAC) had approved the proposal for treating Jammu and Kashmir Bank Limited as a Public Sector Undertaking (PSU), inviting criticism from its employees, who took to the streets in protest.
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