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| Dr. Drabu resigns as Chairman of J&K Bank | | J&K govt in consultation with RBI for making interim arrangements | | Early Times Report
SRINAGAR, Aug 27: In what could be termed as major casualty of the recent upheaval that the state witnessed, powerful and affluent journalist turned Banker Dr. Haseeb Drabu who was heading prestigious Jammu and Kashmir Bank as its Chairman and CE tendered his resignation to the Board of Directors and sought to be relieved of all responsibilities of the Bank.
In his resignation, Dr. Drabu thanked employees of the bank, board of directors, foreign institutional investors, state government, regulatory authorities and all other stake holders for giving him support and co-operation to run this institution along professional lines. In a statement issued by government for shareholders and stakeholders, it has been said that government in consultation with RBI will make necessary interim arrangements for smooth functioning of Bank till RBI appoints a successor.
State government has said that it would ensure complete continuity in the management of the affairs of the Bank. It has added that growth and profitability will not be allowed to suffer. Bank has enough depth at the leadership level to manage the affairs of the Bank professionally. Bank’s leadership level comprises of two Executive Directors and eight presidents who will continue to manage the Bank.
Various stakeholders of the Bank especially foreign institutional investors, who have large holding in the Bank, should be rest assured that the Bank will continue to record exemplary performance under the new leadership and there is not cause of any concern whatsoever. J&K Bank is one of the premium institutions and the only listed company of the state.
It is a strong and stable Bank and has the highest degree of safety as per best credit rating agencies. It has seen tremendous growth for last five years and has recorded profit of more than Rs. 500 crore in the last financial year. It is a Bank with lowest NPA in the country and stable financial institution
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