The board of personal loan lender J&K Bank has asked for help from Reserve Bank of India about the selection of a committee to choose the new CEO for the bank. The bank requires a new CEO as the earlier CEO, Haseeb Drabu has resigned. The bank has proposed that till the next CEO is selected, the finance secretary of the State or a board of directors should hold the provisional charge of the bank.
It is being said that according to the new structure, the position of CMD will be divided into a non-executive chairman and a managing director/CEO. Even RBI prefers this arrangement.
Mr Drabu did not indicate the reason in the short resignation letter. It said, “I hereby resign as chairman and chief executive of Jammu and Kashmir Bank. I request you to accept my resignation and relieve me of my responsibilities at the Bank,” said the letter. “I want to put on record that it has been professionally a privilege and personally an honour for me to head this remarkable institution of the state”.
He also said, “Institutions are more important than individuals. I think we have transformed the bank from a good institution to a great institution.”
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