SRINAGAR: The Reserve Bank of India (RBI) has given its approval for the appointment of Amitava Chatterjee as the Managing Director and Chief Executive Officer of Jammu and Kashmir Bank. Chatterjee, who currently holds a significant position in the State Bank of India, will assume the role for a term of three years, beginning December 30, 2024.
The appointment is for three years at a fixed pay of Rs 1.40 crore per year. The order suggests that if the appointed chairman is not able to take over by December 30, the bank management must inform the RBI of a new interim arrangement.
“In case Shri Chatterjee is not able to take charge as MD&CEO on December 30, 2024, the bank is advised to immediately propose a suitable interim arrangement (to be made effective post the close of business hours on December 29, 2024) for RBI’s approval, along with a copy of the Board’s resolution,” the appointment letter by RBI reads.
The announcement, detailed in an RBI communiqué, also outlined the contingency measures in case Chatterjee is unable to take charge on the specified date. The bank has been instructed to immediately propose an interim arrangement, effective after the close of business on December 29, 2024. This proposal must be accompanied by a resolution from the bank’s Board and submitted for the RBI’s approval.
Chatterjee’s appointment marks a significant leadership transition for Jammu and Kashmir Bank, with the three-year term set to commence at the close of 2024.
Amitava Chatterjee brings over 33 years of extensive experience in banking. He began his career as a Probationary Officer with the State Bank of India (SBI) in 1990 and has since held numerous key positions, including Deputy Managing Director (CCG) and a stint as the Managing Director and CEO of SBI Capital Markets. Chatterjee has led major operations in regions such as New Delhi, Rajasthan, and West Bengal, managing large-scale business operations and high-value clientele. A graduate in science from Ranchi College with an MBA from ICFAI Hyderabad, he is also an enthusiastic follower of tennis, football, and cricket.
