J&K Bank Chairman Parvez Ahmad Removed; Headquarter Raided

RK Chibber was appointed interim chairman of the J&K Bank after Parvez Ahmad was removed from the post on 8 June.

Jammu and Kashmir Bank headquarters in Srinagar.

(Photo Courtesy: Twitter)

Minutes after Parvez Ahmad was replaced by RK Chibber as chairman of the Jammu and Kashmir Bank, state vigilance organisation sleuths on Saturday, 8 June, raided the financial institution's corporate headquarters in Srinagar.

WHY WAS THE BANK HEADQUARTER RAIDED?

• The vigilance organisation, which raided the bank's corporate headquarters at Srinagar, was looking for records of nearly 1,200 appointments.
• These appointments were allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad's tenure.

WHAT WE KNOW ABOUT PARVEZ AHMAD’S REMOVAL

• The Jammu and Kashmir government, on 8 June, removed J&K Bank Chairman Parvez Ahmad and appointed RK Chibber as interim chairman of the lender.
• Ahmad was appointed to the post in 2016.
• An order issued by Additional Financial Secretary Vishal Sharma said the directions shall come into effect immediately.

(Edited for clarity)