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JK Bank to have dual control, separate positions of chairman, MD on cards: CS

“Bank is bank, not an institution of charity”


Srinagar, Jun 12 (KNS): Jammu and Kashmir Bank will soon have a dual control as government is mulling options for appointing a separate chairman and a separate managing director for the bank, chief secretary BVR Subramanyam said here on Wednesday.

During a press conference addressed by the governor Satya Pal Malik in presence of his three advisors, chief secretary while intervening on government responses to replacement of Jammu and Kashmir Bank chairman said, “The RBI has appointed an interim chairman and a search committee of top banking professionals will be constituted soon for recommending suitable candidates for appointment of chairman and managing director for Jammu and Kashmir Bank separately.”

According to Kashmir News Service (KNS) correspondent, replying to a volley of questions, chief secretary said, “The Jammu and Kashmir bank is in safe hands and it was the RBI which replaced the chairman Jammu and Kashmir Bank by the senior most in house officer. A search committee will be constituted soon for appointment of chairman and managing director separately. The bank is the custodian of the public money and not an institution of charity. Government will take all steps to restore the pristine glory of the bank.” (KNS)