M Y Khan: An Icon of ATM-Backed Governance

In his bureaucratic to corporate governance practices, he handled highly technical assignments – be it in the banking sector or energy sector – with accuracy and precision.

Sajjad Bazaz
Mohammad Yousuf Khan, fondly called MY Khan, is known for scripting success stories as an industrial man, an agro man, a banker and lastly as a kinetic man. There are many industrialists in Jammu and Kashmir who feel proud in narrating their success stories while giving credit to MY Khan for hand holding them as head of the SICOP and Agro industries. He has his significant contribution in promoting Kashmir tourism. His bureaucratic governance was exemplary as his postings as head of different departments proved a game changer in the economic development of the state of Jammu and Kashmir. His innovative concepts and quick decision making ability have become reference points in bureaucratic as well as corporate governance practices not only at regional level but also at national level.

And who can forget his contribution in transforming Jammu and Kashmir Bank as a strong regional brand with national presence and international standards in the Indian banking sector. His shift from bureaucratic governance to corporate governance is loaded with amazing results. His vision gave the first listed company to the state of J&K when he launched IPO (Initial Public Offer) of the J&K Bank in 1998 which got an overwhelming response in the market. During his tenure as Chairman of the Bank, the attraction of foreign investors in J&K Bank stock was something delight to watch. Precisely, he changed the look and feel of the bank from a ‘cooperative bank’ identity to the “Best Bank” category in the country.

MY Khan who is at the moment longest serving chairman of the J&K Bank (More than 8 years in office), turned heads in the banking industry as he was solely responsible for getting top corporate in the Indian Inc into the fold of J&K Bank. His asset creation (through highly secured corporate loans and advances) for the bank during that period was unmatched. He created huge assets in the form of real estate for the bank. Today J&K Bank leans on the back of those real estate assets created during his tenure as chairman of the bank.

He was proactive in adopting technology solutions for the convenience of customers and embarked upon the technology revolution to offer world class products and services to the customers. For him, the customer is the king and he displayed this through innovative and customised products and services.

Retired from the bank in 2005, Khan remained busy with a number of assignments. He advised Yes Bank, Berenson & Company and was on board of a number of companies including Zee Network and Bharat Hotels.

After being the longest-serving chief executive of J&K Bank and making it state’s first and the only listed company, Muhammad Yousuf Khan, the man who has left indelible marks after every assignment, stepped into the energy sector and took over as chairman of the Chenab Valley Power Projects ( CVPP), a JV between state and three central PSUs – Power Development Corporation, National Hydel Power Corporation and Power Trading Corporation. Remarkably, Khan refused to get a salary till the work on the project see light of the day.

Here is what he said for not accepting perks from the CVPP.“When I took over, I saw newspapers reporting that Khan is getting a hefty salary as much as chairman NHPC. My salary was discussed in the Board (of Directors) ten times. Every time they wanted me to take the salary, I refused. I have not taken a penny from this organization because my only reason for coming here is to contribute something. What I did in JK Bank, I want to do here. I have decided to take my salary but only after I start the physical work on the projects.”

After eight years of leading the company from 2010 to 2018, mandated to install 2300 MWs, Khan resigned from the company. His exit from the company has delayed the projects as various timelines got missed and vigilance noticed financial irregularities marring its operations.

Khan will always be remembered for his ATM strategy which he integrated into his style of operations. Remarkably, Khan’s ATM means: Accountability, Transparency and Merit! This strategy paid the dividends and serves as a beacon light for those who have a fire in their belly to contribute to the development of the region, be it bureaucratic, corporate or even political.

Here it merits a mention, how his ATM factor surprised IAS probationers. It is an amazing story. Let me reproduce it from the horse’s mouth:
“I went to Mussoorie when Wajahat Habibullah was the Director and I spoke to IAS probationers. They asked the question: How did JK Bank achieve great heights? I told them that I had introduced an ATM. They confused it with an ATM, the cash dispenser. I told them no. My ATM is Accountability, Transparency, and Merit. This helped me change JK Bank.”

(Sajjad Bazaz is Editor-in-Chief at Straight Talk Communications. He is J&K Bank’s former Head, Corporate Communications & CSR Department and Internal Communication & Knowledge Management Department)