Saturday, June 8, 2019 morning, rumours were rife that the government has a plan to effect changes in Jammu and Kashmir Bank. As the day passed, an otherwise bank holiday witnessed unusual movements in Bank’s Corporate Headquarters in Srinagar. With top officials from the state finance department landing in the lawns of the bank, rumours turned into reality. The order, signed by additional secretary rank officer changed the contours of the bank’s leadership. The incumbent Chairman and CEO, Parvez Ahmed was sacked from the services. The order addressed to the company secretary of the bank said:”Parvez Ahmed 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 board.”

In the same order, the government nominated bank’s executive president RKChibber as the interim Chairman-cum-Managing Director of the board. “RK Chibber is hereby nominated as the Director on the Board and may be further appointed as the Interim Chairman-cum-Managing Director.”

Minutes after the removal of Parvez, state vigilance organization sleuths raided the corporate officeand his residence in Srinagar and reportedly seized the documents. Later Anti Corruption Bureau (ACB) issued a statement saying ACB has registered a case under Prevention of Corruption Act on the outcome of a written complaint to look into the allegations related illegal/fraudulent appointments made in J&K Bank.

Terming the allegations as “offensive”, ACB said case under FIR No 10/2019 has been registered and investigation of the case has been taken up.

Reacting to his removal, Parvez, a few hours later took on to his twitter. “Absolutely no regrets.Did my job most diligently, honestly and in the best interest of the institution. Open to scrutiny on each and every transaction I have done during my two decades of functioning in the bank.”

It was October 2016, when J&K Bank had its first in-service and second in-house Chairman and CEO, Parvez Ahmed. His appointment was approved by the Reserve Bank of India (RBI) after the BJPDP led government forwarded a panel of three candidates for chairmanship to the RBI. His term was for a period of three years with effect from October 6, 2016.

A resident of village Kaprin in south Kashmir, Parvezat the age of 34 was appointed as first company secretary of the bank in 1998. Inducted as a scale-3 officer, he rose through the ranks, held important portfolios and was senior most executive president before being appointed as Chairman and CEO in October 2016.

Slated to end on October 6, 2019, otherwise, his term was cut short by four months, thereby becoming second chairman and CEO to be sacked unceremoniously.


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