New JK Bank chairman awaits RBI nod, Parvez top contender

New JK Bank chairman awaits RBI nod, Parvez top contender

Srinagar: The J&K government has recommended a panel of three names to the Reserve Bank of India for appointment to the post of chairman of Jammu and Kashmir Bank.
Minister of Finance Haseeb Drabu confirmed to Kashmir Reader that the bank’s governing body has proposed three names to RBI. The RBI can clear the proposal anytime, he said.
Sources said that the bank’s executive president Parvez Ahmad is the leading contender for the coveted post. The two other names proposed are of Sarita Chauhan, secretary social welfare department, and Parveez Khateeb, commissioner commercial taxes department.
The incumbent chairman Mushtaq Ahmad, who got a three-year extension in October 2013, is completing his second term in the first week of next month. After the PDP-BJP government came into power in the state, Drabu’s first choice was to appoint a new chairman, as he was not on good terms with Mushtaq. However, a former cabinet minister with whom Mushtaq had good relations, stonewalled the move through former chief minister Mufti Mohammad Sayeed.
In the past six years, the bank saw many ups and downs with the major challenge being the soaring non-performing assets or bad loans. It touched nearly Rs 4,500 crore in the first quarter this year as against Rs 3,339.45 crore in December.
Parvez, who has served at keys positions and is currently heading the bank’s business support division and corporate credit and customer care, is believed to be concerned about the issues that plague the bank.
A senior bank employee said Parvez can bring reforms but that depends on how much he asserts himself by not succumbing to political pressures.
“Pervez has a good reputation with employees. He knows the problems and he will be able to make changes as well,” said a senior executive.
Parvez joined the Bank as company secretary in 1998 and has served as Zonal Head, Kashmir.

One Response to "New JK Bank chairman awaits RBI nod, Parvez top contender"

  1. Pradeep   September 30, 2016 at 6:17 pm

    Best Choice made by the JK goverment under present conditions. Parvez is a tough task master and it is the need of the hour. Able administrator , well qualified, and has leadership qualities. But the Corporate governance is the issue before the listed bank. Hopefully he will be able to overcome this to save the bank from ———————.

    Reply

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