The Reserve Bank of India (RBI) on Wednesday approved the candidature of Baldev Prakash as Managing Director and Chief Executive Officer of Jammu and Kashmir Bank for a period of three years, the bank said in a note to exchanges on 27 October.
The appointment is effective from date of taking charge or April 10, 2022, whichever is earlier, the bank said, reported Kashmir Reader.
The appointment of Baldev Prakash as MD & CEO by the Board of the Bank and the actual date of his taking charge shall be communicated separately, the bank said.
Previously, Baldev Prakash was working with State Bank of India in various capacities including as Chief General Manager (Digital and Transaction Banking Marketing) responsible for framing bank level policy and strategy for developing and providing digital and transaction banking services to all corporate clients of the Bank.
Besides this, Prakash has worked for over four years at Muscat (Sultanate of Oman) responsible for handling remittances business including treasury operations successfully, the bank said in a release.
In September this year, J&K Bank in an exchange notification said the board has approved fund raise up to Rs 2,000 crore subject to approval of shareholders. The fundraise will be a mix of debt and equity, the bank said.
Presently, RK Chhibber is the Chairman and Managing Director of J&K Bank, who assumed charge of the bank in June 2019.
Jammu & Kashmir Bank stock traded at Rs 43.20 apiece on BSE, up 5.62 per cent from the previous close.