Jammu & Kashmir Bank Appoints Baldev Prakash As MD, CEO

Jammu & Kashmir Bank on Thursday said Baldev Prakash has taken charge as the Managing Director & CEO of the bank from December 30, 2021.

On Tuesday, Jammu & Kashmir Bank had said that its board of directors appointed Baldev Prakash as the MD & CEO for three years, to be effective from his actual date of taking charge. In October this year, the RBI had approved the appointment of Prakash as the next MD & CEO of J&K Bank.

"...be informed that Baldev Prakash has today, i.e, 30th December 2021, joined the bank as Managing Director and Chief Executive Officer (MD&CEO)," the bank said in a regulatory filing.

Prakash has over 30 years of experience in banking, according to a report published in Business Today.

He had joined SBI as a probationary officer in 1991 and was the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai.

R K Chhibber was the Chairman and Managing Director of J&K Bank, who assumed charge of the bank in June 2019. Chhibber has been appointed as an additional director on the board of the bank.

Earlier, on 27 October, the Reserve Bank of India (RBI) had 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 had said in a note to exchanges.

The appointment is effective from the date of taking charge or April 10, 2022, whichever is earlier, the bank had said, reported Kashmir Reader.

Apart from SBI, Prakash has worked for over four years at Muscat (Sultanate of Oman) responsible for handling remittances business including treasury operations successfully, the bank had said in a release.

Also, in September, J&K Bank, in an exchange notification, had 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.