RBI extends J&K Bank CMD Chhibber's tenure by 3 months

Jammu & Kashmir Bank on Wednesday said RBI has extended the tenure ofR K Chhibber as the CMD for a period of three months.

"We wish to intimate that the Reserve Bank of India has extended theterm of R K Chhibber, Chairman and Managing Director of the bank, by a period of three months with effect from 10th April, 2020 or till the appointment of a successor, whichever is earlier," the bank said in a regulatory filing.

On June 10, 2019, the Reserve Bank had approved the appointment of R K Chhibber as interimCMD of Jammu andKashmirBank for three months following the removal of Parvez Ahmed from the post by the then state government.

He received a month's extension in September 2019 to continue as thebank's interim CMD, followed by a six months extension in October last year.

Ahmed was removed by the erstwhile state government on alleged charges of corruption, nepotism and favouritism.