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Domicile controversy: J&K Bank puts CFO’s appointment ‘on hold’

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Recruitment drive with higher number of posts in the offing: CMD

Srinagar: A day after J&K Apni Party (JKAP) president Altaf Bukhari alleged that the recent “appointment” of J&K Bank CFO violated domicile law, the bank came with an official statement on the controversy stating it has put the position on hold.

Chairman and Managing Director of the bank Rajesh Kumar Chhibber, in the statement said the CFO’s was a “yet-to-be-formally-confirmed appointment.”


“The appointment process had been started before the introduction of the recent domicile law and as of now the appointment has been put on hold after keeping in view the interests of the domicile candidates of the UTs of J&K and Ladakh, and would be reviewed accordingly,” the CMD said.

The bank, the statement added, has also re-advertised the post of Managing Director where applications have been invited only from eligible domicile candidates of the UTs of J&K and Ladakh.

“The Bank also stands ready to roll out a recruitment drive, in a short time, with significantly larger number of posts as compared to the earlier one that was quashed,” the CMD added.

He said that before the outbreak of current pandemic, J&K Bank had reconstituted almost its entire board of directors.

“(The board) now includes highly experienced professionals, experts from different yet significant spheres of financial world; who bring a wealth of knowledge and knowhow about contemporary banking to the board,” he said.

On Saturday, Bukhari had alleged that the government at helm in J&K “has clandestinely amended the recruitment rules after August 5 and created a window for the appointment of non-residents of J&K especially to the top posts of J&K Bank.”

Earlier this week, the board of directors approved the appointment of Satya Narayan Gupta as CFO of the Jammu and Kashmir Bank.

“This is totally unacceptable because any such recruitment is illegal and in violation of Domicile law for J&K,” Bukhari said on Saturday and demanded immediate revocation of the order.