Srinagar, May 27: To facilitate the smooth and successful roll-out of its revamped organizational structure, J&K Bank carried out its major succession planning exercise today by elevating ten of its Vice Presidents to the level of President. Besides, eight Assistant Vice Presidents have been promoted as Vice Presidents.
Notably, the Bank has created thirteen distinct verticals to cater to Business, Strategy & Operations and Controls. Each vertical shall be headed by a top executive who shall be reporting to the Chairman & CEO. The change representing the Bank’s transformation process is expected to catalyze internal synergies and help scale up the businesses over the next 3-5 years.
The newly promoted Presidents are Gulam Mohammad Sadiq, Rakesh Gandotra, Arun Gandotra, Ghulam Nabi Teli, Sunil Gupta, Rajni Saraf, Mohammad Maqbool Lone, Chetan Paljor, Mohammad Younis Patoo, and Ashraf Ali Malik.
The Assistant Vice Presidents promoted today as Vice Presidents include Anokh Singh, Anand Pal Singh, Mohammad Shafi Salroo, Imtiyaz Ahmad Bhat, Fayaz Ahmad Bhat, Syed Sh afat Hussain, Vibhakar Khajuria and Javeid Ahmad Khanpuri
Congratulating the newly elevated executives Chairman & CEO Parvez Ahmed said, “The new Presidents and Vice Presidents have the responsibility of meeting the challenges faced by the banking industry in general and the J&K Bank in particular. At the same time, they have to successfully steer the transformation process whereby the organization will be reshaped into a modern, efficient, profitable, customer focused and digitally driven bank and taken to higher levels of excellence.”
“The transformation journey”, he added, “has been undertaken in collaboration with management consultancy firm of international repute, across full spectrum of activities /functions ranging from a medium-term (3-5 years) business planning backed by robust strategies, business process re-engineering to enhance efficiency and reduce cost-to-serve, maximizing IT intervention in business processes, drive digital initiatives among other things.”
Elaborating upon the transformative process, Parvez Ahmed said that the organizational structure of the Bank has been redesigned to ensure lucidity of roles and responsibilities – well-defined KRIs and KPIs, accelerated Retail and SME focus, improve customer experience, bringing in efficiency – reducing turn-around-time, improved compliance culture, well-defined career path for employees, competence building and specialization, etc.
The new structure is likely to facilitate improved customer service, increase penetration of banking services into the nooks and corners of the state of J&K besides turning the customers’ experience into delight.
Meanwhile, the promotions were carried out after following a process of assessing the eligible candidates through a board-level committee.