RBI Appoints Amitava Chatterjee as MD & CEO of J&K Bank Under Banking Regulation Act

The Reserve Bank of India (RBI) has officially appointed Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of Jammu and Kashmir Bank.

This significant decision, communicated in a letter dated December 24, 2024, aligns with Section 35B of the Banking Regulation Act, 1949.

Appointment Details

The official letter states, “In terms of Section 35B of the Banking Regulation Act, 1949, Reserve Bank of India approves the appointment of Shri Amitava Chatterjee as MD & CEO, The Jammu and Kashmir Bank Limited, for a period of three years w.e.f December 30, 2024, at a fixed pay of INR 1.40 crore p.a. (inclusive of perquisites). Target variable pay of INR 1.40 crore has been taken note of.”

The letter further notes, “In case Shri Chatterjee is not able to take charge as MD & CEO on December 30, 2024, the bank is advised to immediately propose a suitable interim arrangement (to be made effective post the close of business hours on December 29, 2024) for RBI’s approval, along with a copy of the Board’s resolution.”

Chatterjee is set to succeed Baldev Prakash, whose tenure ends on December 27, 2024. Prakash is anticipated to take on the role of Managing Director at SBI in the upcoming year.

To facilitate the selection of the new MD & CEO, the Jammu and Kashmir Government had formed a high-level search committee.

This committee, led by the Additional Chief Secretary of the Jal Shakti Department, was tasked with recommending four names. Out of these, two were shortlisted for RBI’s final approval.

About Amitava Chatterjee

Amitava Chatterjee joined the State Bank of India (SBI) as a Probationary Officer in 1990 and has since held various senior leadership roles throughout his 33-year career.

Currently, he serves as Deputy Managing Director (CCG) at SBI after a year-long tenure as MD & CEO of SBI Capital Markets, the bank’s investment banking subsidiary.

His previous assignments include heading SBI’s New Delhi circle, which spans the National Capital Territory, Uttarakhand, Western Uttar Pradesh, and parts of Haryana.

Here, he oversaw a business volume of ₹5 trillion, managing nearly 1,700 branches and 17,000 employees. Chatterjee has also led operations in Rajasthan and served as the head of the Bangalore Regional Office of the Mid-Corporate Group, handling high-value clientele such as PSUs, NBFCs, and DISCOMs.

Throughout his career, Chatterjee has held positions such as Regional Manager, Deputy General Manager (Business & Operations), and General Manager.

His expertise includes Business Development, Risk & Compliance Management, HR Functions, and engaging with industry and government forums.

Chatterjee’s educational background comprises a Bachelor of Science degree from Ranchi College and an MBA from ICFAI Hyderabad. Beyond his professional achievements, he is passionate about sports, particularly tennis, football, and cricket.

Leadership Transition

Chatterjee’s appointment represents a significant leadership change for Jammu and Kashmir Bank. The RBI’s directive outlines contingency measures should he be unable to assume his role by December 30, 2024.

The bank has been instructed to propose an interim arrangement, effective from the close of business on December 29, 2024, requiring RBI’s approval alongside a Board resolution.

The appointment is for a three-year tenure with a fixed annual pay of INR 1.40 crore, inclusive of perquisites, and a variable pay component of the same amount.

This strategic move signals a new era for J&K Bank, with expectations for Chatterjee’s leadership to bring innovation and growth to the institution.

High-Level Committee’s Role

The Jammu and Kashmir Government’s search committee played a pivotal role in the selection process.

Chaired by the Additional Chief Secretary of the Jal Shakti Department, the panel included members such as the Principal Secretary of the Finance Department and the Commissioner Secretary of the General Administration Department (GAD).

Their recommendations narrowed the field to two candidates for RBI’s final decision.

Chatterjee’s vast experience and proven track record in the banking sector position him as an ideal choice to lead Jammu and Kashmir Bank into its next phase of development.

As he prepares to take on this new role, his leadership is expected to provide strategic insights and innovation to the organization.