Srinagar: Four months on, the Reserve Bank of India (RBI) has not cleared the appointment of Zubair Iqbal as the first Managing Director of Jammu and Kashmir Bank.
As per RBI guidelines, the timeline for regulatory approvals for the appointment of the Managing Director, CEO, and Chairman in private sector banks is 90 days.
When contacted Chairman J&K Bank RK Chibber said there has not been any fresh information from the RBI about the bifurcation of CMD’s post.
“RBI could better know about it. We haven’t received any information about it as yet,” he told The Kashmir Monitor.
On May 15, Jammu and Kashmir administration appointed Iqbal as a full-fledged Managing Director, a year after the Board of Directors recommended the bifurcation of the post of CMD.
Sources said the Board of Directors had completed all the formalities related to the bifurcation of the CMD’s position. However, RBI has not given its approval as yet.
“Soon after the announcement of the bifurcation of the post, the bank was readying to welcome Zubair Iqbal as its new MD. However, the RBI delayed the process. Till now, no communication has been received for Zubair Iqbal’s appointment,” sources said.
Currently, the bank has six directors apart from Iqbal. They include Arun Kumar Mehta, Anil Kumar Mishra, Vikram Gujral, Rajeev Lochan Bishnoi, Monica Dhawan, and Naba Kishore Sahoo.
Since the Reserve Bank of India has not given the approval for Iqbal’s appointment, Chairman RK Chibber holds the post of Managing Director as well.
Soon after the announcement about Iqbal’s appointment, the former chairman of the bank Parvez Ahmad Nengroo challenged the order of bifurcation in Jammu and Kashmir High Court.
A highly acclaimed banker, Iqbal has experience in the banking and financial sector for over three decades. He held important positions in J&K bank for 15 years before taking over the head of HDFC for Jammu and Kashmir circle.