Srinagar: Reserve Bank of India has extended the term of present Chairman and Managing Director J&K Bank R K Chibber by six months.
In an approval letter which lies with KNS, ” The withdrawal of the proposal by the bank to appoint an MD & CEO has been taken on record. Further, in terms of Section 10BB(2) of the Banking Regulation Act, 1949, the term of R.K. Chhibber as the Chaiman and Managing Director (CMD) of the bank stands extended w.e.f. April 10, 2021 for a further period of six months or till the appointment of an MD&CEO, whichever is earlier”.
However the RBI has advised the J&K Bank to expedite the process of appointment of an MD&CEO.
The copy also reads: “The bank informed the National Stock Exchange and Bombay Stock Exchange about the extension today in pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
RBI had initially approved R K Chhibber as CMD on 09.06.2019 as CMD for a period of six months which was extended from time to time.(KNS)