RBI announces new MD & CEO for J&K Bank

By
Ziraat Times
-

Ziraat Times Exclusive

Srinagar: In a significant development, the Reserve Bank of India (RBI) has approved the appointment of  Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of the bank. The decision, communicated through an official letter dated December 24, 2024, a copy of which has been made available to Ziraat Times, comes under Section 35B of the Banking Regulation Act, 1949.

As per the RBI’s notification, Amitava Chatterjee will assume the role for a tenure of three years, starting from December 30, 2024. His annual fixed pay has been set at INR 1.40 crore, inclusive of perquisites, with an additional target variable pay of INR 1.40 crore.

The RBI has also outlined contingency plans, instructing the bank to propose an interim arrangement if Mr Chatterjee is unable to take charge by the specified date. This interim measure would need to be implemented post the close of business hours on December 29, 2024, and would require prior approval from the RBI, along with a copy of the Board’s resolution.

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