Srinagar, Dec 24 (KNS): Reserve Bank of India (RBI) has approved the appointment of Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of J&K Bank .
The approval, issued through an official letter dated December 24, 2024, comes under Section 35B of the Banking Regulation Act, 1949.
Chatterjee, who will take on the new role starting December 30, 2024, has been appointed for a tenure of three years. As per the RBI’s notification, his annual fixed pay has been set at INR 1.40 crore, which includes perquisites, with an additional target variable pay of INR 1.
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The RBI has also outlined contingency measures in case Chatterjee is unable to assume office by the designated date. In such a scenario, the bank is required to propose an interim arrangement, which would need RBI approval and a resolution from the Board of Directors. The interim measures are to be implemented after business hours on December 29, 2024.
This appointment marks a new chapter for J&K with Chatterjee’s leadership expected to bring strategic insights and innovation to the institution. (KNS)