Srinagar: The Reserve Bank of India (RBI) on Wednesday approved the candidature of Baldev Prakash as Managing Director and Chief Executive Officer (CEO) of Jammu and Kashmir Bank for a period of three years.
His tenure of three years will start from the date of taking charge. “The appointment is effective from the date of taking charge or April 10, 2022, whichever is earlier,” the bank said.
“Till he joins his duty, the current dispensation will continue. RBI has already approved the appointment and SEBI has been informed,” a senior bank executive informed.
The state-owned lender will separately inform about the appointment of Baldev Prakash as MD & CEO by its board and the actual date of assuming charge by him.
Prakash has over 30 years of experience in banking in various roles at small and large size branches at SBI. He had joined SBI as a probationary officer in 1991 and he is currently the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai.
Previously, Baldev Prakash worked with State Bank of India in various capacities. As Chief General Manager (Digital and Transaction Banking Marketing) he is responsible for framing bank level policy and strategy for developing and providing digital and transaction banking services to all corporate clients of the Bank.
Besides this, Prakash has worked for over four years at Muscat (Sultanate of Oman) responsible for handling remittances business including treasury operations successfully, the bank said.
Presently, RK Chhibber is the Chairman and Managing Director of J&K Bank, who assumed charge of the bank in June 2019.
Chhibber was supposed to complete his present tenure of extension on October 10, 2021. Ahead of his retirement in October 2019, he was appointed as Chairman and MD of the bank on a time gap basis in June 2019 after Parvez Ahmad was sacked from the position.
In September this year, J&K Bank in an exchange notification said the board has approved fund raise up to Rs 2,000 Cr subject to approval of shareholders. The fund-raise will be a mix of debt and equity, the bank said.
Jammu & Kashmir Bank stock traded at Rs 43.20 apiece on BSE, up 5.62 per cent from the previous close.