Jammu & Kashmir Bank on Monday told the exchanges that it has received the Reserve Bank of India's approval for the appointment of R. K. Chhibber as interim Chairman & Managing Director (CMD) of the bank for a period of three months with effect from June 10, 2019.

On Saturday, the bank intimated the exchanges that Chhibber has been nominated by the state government as Director on its board and may be further appointed as interim CMD. The board of directors, pursuant to the government order and subject to RBI approval, appointed him to the position with effect from June 8.

Simultaneously, the state government order said Parvez Ahmed, CMD, would cease to be Director on the Board of Directors of the bank and consequently be no longer the CMD of the board.

The bank's share was trading at Rs 51.30 apiece at 1053 hours, down 13.71 per cent.