Srinagar, Jul 4 (IANS): The Reserve Bank of India (RBI) on Thursday appointed its former Executive Director A.K Misra as an Additional Director on the board of the Jammu and Kashmir Bank.
"He shall hold office during the pleasure of Reserve Bank of India, and subj ect thereto, for a period of two years upto July 2, 2021 or till further ord ers, whichever is earlier," the RBI said in a statement.
The J&K Bank has been in news for a month now - for all the wrong reasons.
Removal of its Chairman Parvez Ahmad Nengroo was followed by raids at the bank's corporate headquarters, first by the state Anti-Corruption Bureau and then by the Income Tax department.
The bank faces allegations of frauds in sanction of loans, green-fielding of bad debts, huge loan remissions to influential business houses and recruitments based on political considerations by flouting rules and procedures.