J&K Bank says in safe hands under new boss Chhibber

After the state government affected changes in the top leadership over the past weekend, J&K Bank Wednesday said the lender is in "safe hands" and affirmed commitment to serve the people under a new chairman. RK Chhibber, a bank veteran, has taken over as the chairman and managing director of the Srinagar-headquartered bank, replacing Pervez Ahmad, who was removed by the state on corruption charges.

"We shall not only whether the challenges at hand but also put the bank on a different pedestal with the committed support of all the stakeholders who include our dedicated workforce," Chhibber was quoted as saying in a statement. He said the bank is in the "safe hands" of the 14,000 employees and the board, and also enjoys "full support" of the state government.

"We will take this bank to newer heights," he said. Chhibber, an executive director earlier, said he has been associated with the bank for over three decades and reposed faith in the employees.

Ahmad was replaced over the weekend by the state and is under a graft probe now. The J&K Bank scrip has taken a beating since his sacking and plunged another 10 per cent to Rs 43.65 on the BSE Wednesday as against a 0.50 per cent fall in the benchmark.