Srinagar- The Reserve Bank of India (RBI) has appointed Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of the Jammu and Kashmir Bank.
The decision, communicated through an official letter dated December 24, 2024, a copy of which lies with the Kashmir Observer, comes under Section 35B of the Banking Regulation Act, 1949.
“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,” reads the letter.
“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,” the letter further said.
Chatterji will succeed Baldev Prakash, who is retiring on December 27, 2024. Prakash is expected to assume the role of Managing Director at SBI next year.
Pertinently, the J & K Government had constituted a high-level search committee for making recommendations for the appointment of MD & CEO of J&K Bank. Headed by the Additional Chief Secretary of the Jal Shakti Department, the committee was mandated to propose four names for further selection of two names by the competent authority to be recommended to the RBI for the position of MD and CEO of J&K Bank. The Principal Secretary of the Finance Department and the Commissioner Secretary of the General Administration Department (GAD) were members of the search panel.
About Amitava Chatterjee
Chatterjee joined State Bank of India (SBI) as a Probationary Officer in 1990 and has held various senior leadership roles throughout his career. He is currently serving as Deputy Managing Director (CCG) at SBI after a one-year stint as MD & CEO of SBI Capital Markets, the bank’s investment banking subsidiary. Prior to this, Chatterjee headed the New Delhi circle of SBI, covering NCT, Uttarakhand, Western UP, and parts of Haryana, managing a business volume of Rs. 5 trillion with nearly 1700 branches and 17,000 employees.
He has also led operations across Rajasthan and was previously the head of the Bangalore Regional Office of the Mid-Corporate Group, dealing with high-value clientele including PSUs, NBFCs, and DISCOMs.
With over 33 years of experience in various operations of SBI, Chatterjee has held positions such as Regional Manager, Deputy General Manager (Business & Operations), and General Manager. His expertise extends to Business Development, Risk & Compliance Management, HR Functions, and participation in industry and government forums.
Chatterjee holds a BSc degree from Ranchi College and an MBA from ICFAI Hyderabad. Outside of his professional achievements, he is an avid sports enthusiast with a particular interest in tennis, football, and cricket.
