Press Trust of India / Srinagar Aug 27, 2010, 16:08 IST
Jammu and Kashmir Bank Chairman Haseeb Drabu today submitted his resignation from the bank which was immediately accepted by its Board of Directors.
"Yes, I have tendered by resignation to the Board of Directors who accepted it immediately and have sent in two proposals to the Reserve Bank of India," Drabu told PTI here.
Drabu, who became the Chairman on June nine, 2005, was asked to tender his resignation by Omar Abdullah government yesterday when it carried out a major shake-up of police and bureaucracy in the state. His term was due to end in mid 2011.
The 13-member Board of Directors of the Bank, which has a majority ownership vested in the state government, while accepting Drabu's resignation sought permission from the RBI for making state Finance Secretary as an interim Chairman to run its day-to-day functioning.
Another proposal includes having a team of three board members including the Finance Secretary to run the affairs until a new chairman is found, Drabu said.
"I look back with satisfaction," was the reply of Drabu, former National Editor of financial daily Business Standard, when asked about his tenure. He was enrolled on the Board in 2003.
The Board has also formed a search committee to find the next Chairman and Chief Executive for the Bank.
The Bank functions as a universal bank in the state and it has branches in other parts of the country. It is the only private sector bank designated as RBI's agent for banking business, and carries out transactions of the Central Government, besides collecting central taxes for CBDT.
The Bank was incorporated in 1938 and is listed on the National Stock Exchange and the Bombay Stock Exchange.
Besides Finance Secretary Sudhanshu Pandey, an IAS officer of 1987 batch, others members include M S Verma, a career banker with over 47 years of experience in the Indian financial sector, Ashok Kumar Mehta and Abdul Majid Mir, Executive Directors of the Bank, B L Dogra, a Fellow Member of the Institute of Chartered Accountants of India and Arnab Roy, Regional Director of the RBI.
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