Govt Appoints Zubair Iqbal As First J&K Bank MD 

12Shares

 

Zubair Iqbal (L)  & RK Chibbar (R)

Srinagar: The Jammu & Kashmir Government on Friday appointed RK Chibber as chairman of J&K Bank for next three years and Zubair Iqbal Bhat as its first full-fledged managing director.

According to Finance department’s communiqués to J&K Bank, RK Chibber and Zubair Iqbal would respectively be chairman and managing director of J&K Bank for next three years.

In June last year, the Board of Directors of J&K Bank recommended the appointment of separate chairman and a managing director of the bank. The J&K was also repeatedly directed by the Reserve Bank of India (RBI) to separate the positions of Chairman and Managing Director for better governance.

On June 10, 2019, the Reserve Bank had approved the appointment of R K Chhibber as interim CMD of Jammu and Kashmir Bank for three months following the removal of Parvez Ahmed from the post by the then state government.

He received a month’s extension in September 2019 to continue as the bank’s interim CMD, followed by a six months extension in October last year.

“I am directed to convey that the Government of Jammu and Kashmir has taken the following decision in exercise of the powers under Article 69(i) of the Articles of Association of the J&K Bank: Mr RK Chhibber, chairman-cum- managing director, shall be a non- executive director on the Board of J&K Bank Ltd. for a period of three years or till further orders, whichever is earlier.

Consequent to the above, the Board of the J&K Bank Ltd may appoint/elect him as the chairman of the Board of the J&K Bank Ltd.,” reads Finance department’s letter. Similarly, the government has appointed Zubair Iqbal, senior vice-president HDFC Bank, as managing director of J&K Bank for next three years.

“I am directed to convey that the Government of Jammu and Kashmir has, in exercise of the powers under Article 69 (i) of the Articles of Association of J&K Bank Ltd, decided to appoint Mr Zubair lqbal, senior vice-president of HDFC Bank as a government nominee director on the Board of J&K Bank Ltd. for a period of three years or till further orders, whichever is earlier. Consequent to the above, the Board of the J&K Bank Ltd. may appoint/elect him as the managing Director of the J&K Bank Ltd,” reads another letter.

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Agencies

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS