ZT News Network

Srinagar, June 7: In a major development, Jammu and Kashmir government on Saturday appointed R. K. Chhibber as the interim chairman and the Director on the Board of Directors of the J&K Bank.

Mr. Chhibber will replace Pervez Ahmad, who was appointed in 2016 as the chairman of the bank. Mr. Chhibber has served as Executive President of the bank.

The development comes in the backdrop of J&K Bank posting an impressive net profit of ₹214.80 crore for the fourth quarter of 2018-19 on the back of robust income.

The bank’s total income rose shot up by 40 per cent to ₹2,473.47 crore for the fourth quarter of 2018-19, against ₹1,763.95 crore a year ago.

In an order issued on Saturday, the government said: “Parvez Ahmad, Chairman cum Managing Director, shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the bank.”

“RK Chhibber is hereby nominated as the Director on the Board and may be further appointed as the intermin Chairman cum Managing Director of the Board,” the order read further.

“These directions shall come into effect immediately,” read the order, signed by Vishal Sharma, additional secretary to the government, Finance Department.

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