RBI extends RK Chhibber's term as JKB CMD

Jammu & Kashmir Bank on Wednesday said the RBI has extended the term of RK Chhibber as the Chairman and Managing Director for a period of six months.

“We wish to intimate that the Reserve Bank of India has extended the term of R K Chhibber, Chairman and Managing Director of the bank by a further period of six months with effect from 10th October, 2020 or till the appointment of MD & CEO, whichever is earlier,” Jammu & Kashmir Bank said in a regulatory filing.

In June 2019, the Reserve Bank had approved the appointment of R K Chhibber as interim Chairman and Managing Director (CMD) of Jammu and Kashmir Bank, following the removal of Parvez Ahmed from the post by the state government.

Chhibber got a few extensions as the interim CMD of the bank before being appointed as the full-time CMD with effect from October 10, 2019, for a period of six months. Thereafter, he has been approved by the RBI to continue as the CMD of Jammu & Kashmir Bank for various tenures.

Shares of Jammu & Kashmir Bank closed at Rs 15.09 apiece on BSE, down 0.13 per cent from the previous close.