SRINAGAR: The Reserve Bank of India has extended the services of R K Chibber as Jammu and Kashmir Bank’s Chairman and Managing Director by a quarter, according to a bank communication to the Bombay Stock Exchange.
The fresh extension will have a three month’s effect starting July 10, 2020. This is Chibber’s third extension. The extension can conclude before the conclusion of the quarter if the RBI appoints the MD and CEO of the bank.
The communication indicates that the bank regulator is still requiring time in approving the appointment of Zubair Iqbal, a former HDFC executive, as the bank’s new MD. His name was proposed on the instructions of the Jammu and Kashmir finance department by the bank’s Board of Directors’ subject to the approval of RBI in May. Meanwhile, the former CMD, Parvez Ahmad had also gone to the court against his own removal and later questioned the appointment of an MD.
Sources in the banking sector said that the RBI has to approve a proposal within 90 days of its submission. It has already been almost three fortnights since the Jammu and Kashmir government conveyed its choice.
(Note: The copy was re-edited to add more information and remove some inaccuracies.)