Srinagar, Jul 4(KMW): Strengthening the J&K Bank’s board further, Reserve bank of India in a significant move on Wednesday appointed A K Misra – former Executive Director RBI- as Additional Director on its Board of Directors.
The order from RBI dated July 3, 2019 mentions “Reserve Bank of India is of the opinion that it is necessary in the public interest and in the interest of Jammu and Kashmir Bank Ltd. to appoint Additional Director on Board of Directors of the said bank, the RBI, in exercise of the powers conferred by sub section (1) of Section 36 AB of the Banking Regulation Act, 1949 (10 of 1949) hereby appoints Shri A K Misra, ex Executive Director, RBI as Additional Director in the Jammu and Kashmir Ltd.”
Welcoming the decision, the Bank’s Chairman and Managing Director Rajesh Kumar Chhibber said that the appointment will further strengthen the process of transparency and accountability in the governance framework besides enhancing the efficiency of the bank’s board as the appointee brings in a wealth of experience and expertise from his earlier assignments at the regulator bank.
“I welcome the decision and we shall extend full support and cooperation to Mr A K Misra in making the bank stronger, efficient, transparent and more accountable to its stakeholders”, said the Chairman.
The official, as per the RBI order, shall hold the office for a period of two years up to July 2, 2021 or till further orders, whichever is earlier.