Jammu and Kashmir Bank. (Photo: IANS)
The Reserve Bank of India (RBI) has appointed AK Misra, ex-Executive Director RBI, as Additional Director on the Board of Directors (BOD) of the Jammu and Kashmir Bank.
The RBI took the step in an exercise of the powers conferred by sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949 (10 of 1949). His appointment shall be for a period of two years with effect from 3 July 2019 to 2 July 2021 or till further orders.
“He shall hold office during the pleasure of Reserve Bank of India, and subject thereto, for a period of two years up to July 2, 2021, or till further orders, whichever is earlier”, reads the order.
As Additional Director on BOD of the JK Bank, Misra shall be entitled to the usual sitting fee and allowances as payable to other directors for attending the meetings of the Board and Committees.
The RBI and the Jammu and Kashmir government have initiated the exercise to overhaul the controversial bank after its chairman cum managing director Pervez Ahmed was sacked.
The Anti-Corruption Bureau has in the past few days raided the houses and business premises of several influential people who were granted loans by the bank allegedly in violation of norms.