J&K Bank CMD’s tenure extended by 6 more months

Srinagar: The Reserve Bank of India (RBI) has extended the tenure of Jammu and Kashmir Bank Chairman and Managing Director (CMD) R. K. Chhibber by another six months.

Earlier in July this year, RBI extended the tenure of Chhibber as interim CMD of J&K Bank till the appointment of a new MD & CEO.

In its regulatory filing on Wednesday, the bank said: “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.”

Last year in June, RBI had appointed Chhibber as the interim CMD on the removal of Parvez Ahmed from his post due to alleged charges of corruption, nepotism and favouritism by the state government. RBI that time appointed Parvez Ahmed as interim CMD for a term of three months.

However, the tenure was further extended in September 2019, followed by another six-month extension in October 2019 and further in April 2020 and July 2020.