"Parvez Ahmad, Chairman cum Managing Director, shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board," an order issued by Additional Secretary, Finance, Vishal Sharma said here.
It added that R K Chibber has been appointed as the interim chairman and director on the board of directors.
Chibber will replace Ahmad, who was appointed in 2016 as the chairman of the bank.
"R K Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," it added.
Sharma said the directions shall come into effect immediately.