J&K Bank Chairman Haseeb A. Drabu on Friday stepped down from his position after being asked by the state government to do so.
The Bank’s board on Friday decided that Finance Commissioner Sudhanshu Pandey would be acting chairman of the bank.
Drabu had been appointed in 2005 by the People’s Democratic Party government headed by Mufti Mohammed Sayeed.
Among the companies based in Kashmir, the bank is the only one that is listed. The Jammu and Kashmir government is the majority owner in the bank.
Drabu, whose term was till 2011, learnt of the government's decision after the cabinet meeting on Thursday night.
Drabu also advised the Mufti and former chief minister (now Union health minister) Ghulam Nabi Azad on economic issues.
“I have resigned from the post of chairman and chief executive of the bank with no reasons tied to this, but I have tendered my resignation to the board of directors of the bank,” Drabu said in a statement released on Friday.
However, he added that the timing of the move could have been better.
{{/usCountry}}However, he added that the timing of the move could have been better.
{{/usCountry}}As he was an appointee of the Mufti government, Drabu had offered to put in his papers soon after Omar Abdullah (of the National Conference) came to power in 2008, but was asked to continue.
“I am leaving with the satisfaction that the bank today is stronger and better than when I took it over,” Drabu’s statement said.
The banks net profit for the year 2009-10 was R512 crore, up 25 per cent over the previous year.