Neeraj Rohmetra
Jammu, Oct 7: Reserve Bank of India (RBI) has extended the term of R K Chhibber as Chairman and Managing Director (CMD) J&K Bank for a period of six months.
Reliable sources in RBI told EXCELSIOR, “the approval of extension was sent to the office of Jammu and Kashmir Bank today afternoon and the extension will be with effect from October 10, 2020 when the previous extension comes to an end”.
As per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the J&K Bank also informed the stock exchange (NSE & BSE) about the extension of term of Chhibber.
Earlier, on July 10, this year, the RBI had extended the term of Chhibber as interim CMD for a period of three months.
Sources pointed out, “while RBI had cleared appointment of Chhibber as CMD for three months, there was no word on the proposal of the Jammu and Kashmir Bank regarding bifurcation of post of Chairman and Managing Director submitted to RBI in May, this year”, adding, “as per the actual proposal Chhibber was to have post of Chairman and Zubair Iqbal as Managing Director for a tenure of three years respectively.
“As per the original proposal RK Chhibber, Chairman-cum-Managing Director was to act as a non-Executive Director on the Board of J&K Bank Limited for a period of three years while Zubair Iqbal, Senior Vice President of HDFC Bank was to be appointed as a Government Nominee/ Director on the Board of J&K Bank Limited. Despite lapse of six months, there is no word from RBI about the actual proposal”, sources remarked.
Presently apart from Chairman & Managing Director — R K Chhibber, there are eight Directors including Monica Dhawan, Vikram Gujral, Zubair Iqbal, Naba Kishore Sahoo, Financial Commissioner, Dr Arun Kumar Mehta, Financial Commissioner (Finance), A K Misra and Rajeev Lochan Bishnoi.
Nitishwar Kumar – 1996 batch IAS officer, Principal Secretary to Lieutenant Governor will be replacing Bipul Pathak as the Director on the Board of the Bank.
Vikram Gujral had been re-elected as Rotational Director with one year tenure in the recently held AGM on September 28, this year. Sonam Wangchuk, who was appointed as Rotational Director had resigned some time back and the Bank is yet to find his replacement.
Chhibber got a few extensions as the interim CMD of the bank before being appointed as the full-time CMD with effect from October 10, 2019, for a period of six months. Thereafter, he has been approved by the RBI to continue as the CMD of Jammu & Kashmir Bank for various tenures.
Chhibber had joined the services of Jammu and Kashmir Bank as Probationary Officer in 1982 and has led the JKBL in various capacities from managing business operations at Branch, Zonal offices and corporate level. His main areas of experience include Credit, Finance, IT, Corporate & Retail Banking, Risk Management, Trade Finance, Foreign Exchange, Business Continuity Planning, HR etc.
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