The Reserve Bank of India (RBI) in exercise of the powers conferred under Section 10BB of the Banking Regulation Act,1949 has appointed Mr. R. K. Chhibber (currently Interim Chairman and Managing Director) as the Chairman and Managing Director of the Bank w.e.f October 10, 2019 for a period of six months or till the appointment of a Chairman and Managing Director/Managing Director & CEO in terms of Section 35B of the Banking Regulation Act, whichever is earlier.
The RBI gave a six months extension to R K Chhibber as the bank’s Chairman and Managing Director as it was satified with his performance. He was appointed as the bank’s interim CEO for three months in June this year following the removal of Parvez Ahmed from the post by the State Government.
Meanwhile, reports said that the shareholders of the bank rejected a proposal to reappoint four directors, with over 85% members voting against the plan.
The scrip opened at Rs32.70 and touched a high and low of Rs32.70 and Rs31.65 respectively. A total of 4,58,385 (NSE+BSE) shares were traded on the counter.
The current market cap of the company is Rs1,784.73cr.