Srinagar, Dec 24: The Reserve Bank of India (RBI) has appointed Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of the Jammu and Kashmir Bank.
The decision, communicated through an official letter dated December 24, 2024, a copy of which lies with News Agency , comes under Section 35B of the Banking Regulation Act, 1949.
“In terms of Section 35B of the Banking Regulation Act, 1949, Reserve Bank of India approves the appointment of Shri Amitava Chatterjee as MD&CEO, The Jammu and Kashmir Bank Limited, for a period of three years w.e.f December 30, 2024. at a fixed pay of INR 1.40 crore p.a. (inclusive of perquisites). Target variable pay of INR 1.40 crore has been taken note of,” reads the letter.
“In case Shri Chatterjee is not able to take charge as MD&CEO on December 30, 2024, the bank is advised to immediately propose a suitable interim arrangement (to be made effective post the close of business hours on December 29, 2024) for RBI’s approval, along with a copy of the Board’s resolution,” the letter further said.
