ACB raids based on complaints: JKB Chairman

ACB raids based on complaints: JKB Chairman

Bank to ‘continue march towards higher levels of excellence’

Srinagar: The newly appointed Chairman and Managing Director of J&K Bank, R K Chhibber Monday assured investors that the business processes of the bank “shall continue to be further streamlined and the bank shall win complete trust of its various stakeholders”.
In his first conference call with investors, Chibber, who was appointed as interim chairman after the J&K government removed Parvez Ahmad from the post on Saturday, said the raids of Anti-Corruption
Bureau (ACB), will have no financial implications on the bank “as these are based on complaints.”
He said the bank will “continue to march ahead towards higher levels of excellence,” with the business process improvements to continue “as per the policies laid down by the bank’s board”
He also talked about the proposed separation of posts of Chairman and Managing Director as per the RBI regulations and SEBI guidelines.
The Chief Compliance Officer, he said, has been tasked to enhance the preventive vigilance mechanism and the accountability processes.
“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,” Chibber added.
Representing the J&K government, which is the major shareholder in the bank, Financial Commissioner, Finance, J&K Government Arun Kumar Mehta, also interacted with the investors during the conference call and assured them that 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.”
The investors and all other stakeholders were assured that the recent change at the top level was part of restructuring processes.