Business-RBI appoints A K Misra as additional director on J&K Bank board

The Reserve Bank of India has appointed its former executive director A K Misra as an additional director on the board of Jammu and Kashmir Bank (J&K Bank), the lender said. Misra shall hold the office for a period of two years up to July 2, 2021, or till further orders, whichever is earlier, a spokesman of the bank said on Thursday.

The RBI appointed Misra as an additional director on Wednesday to strengthen the bank's board further, he said. The central bank, in its order, said it is of the opinion that it is necessary for public interest and in the interest of the bank to appoint an additional director on the board of the bank, he said.

Welcoming RBI's decision, J&K Bank Chairman and Managing Director Rajesh Kumar Chhibber said the appointment will further bolster the process of transparency and accountability in the governance framework. It will also enhance the efficiency of the bank's board as the appointee brings in a wealth of experience and expertise from his earlier assignments at the regulator bank, he said.