J&K Bank Chairman Dr. Haseeb Drabu resigns

Srinagar,August-27 (Scoop News) – The Chairman & CE, J&K Bank, Dr. Haseeb Ahmad Drabu has 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, the Regulatory Authorities and all other stake holders for giving him the support and co-operation to run this institution along professional lines.

In a statement issued by the Government for Shareholders and Stakeholders, it has been said that the Government in consultation with RBI will make necessary interim arrangements for the smooth functioning of the Bank till the RBI appoints a successor. It would be ensured that there is complete continuity in the management of the affairs of the Bank and growth and profitability will not be allowed to suffer. The Bank has enough depth at the leadership level to manage the affairs of the Bank professionally. The 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.

The 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 a tremendous growth for last five years and has recorded a profit of more than Rs. 500 crore in the last financial year. It is a Bank with the lowest NPA in the country and is a very credible and stable financial institution.

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