On May 27, Zubair was told by the Finance department to stop coming to the office ‘for a while’ as RBI ‘will give clearance within few days’. After six months of wait, he is yet to receive the promised clearance
Uncertainty looms large over the appointment of Zubair Iqbal as JK Bank’s first Managing Director as Reserve Bank of India (RBI) drags its feet over sending clearance for his appointment even after a six-month delay.
In May this year, J&K administration appointed Zubair as a full-fledged first Managing Director of J&K Bank after a rigorous process of selection overseen by a high level 3 member committee under chairmanship of Mr. Tapan Ray, Ex Union Corporate Affairs Secretary, Dr. Arun Kumar Mehta, Financial Commissioner, J&K, Mr. Anand Madhukar, OSD in Deptt. of Financial Services, Ministry of Finance, (GoI).
“I am directed to inform you that the Government of Jammu and Kashmir has, in exercise of the powers under Article 69 (i) of the Articles of Association of Jammu and Kashmir Bank Ltd, decided to appoint senior Vice-President of HDFC Bank, Zubair Iqbal, as Government Nominee/Director on the Board of J&K Bank Ltd. for a period of three years or till further orders, whichever is earlier,” reads an order issued by Finance Department.
Earlier, Zubair had served JK Bank for 15 years in different critical assignments and was Heading Marketing & Research Cell at the time of switching to HDFC bank in the year 2004. After serving HDFC bank for about 16 years, he joined JK bank as Managing Director in May this year. Zubair has a total of 31 years of experience in banking.
On 17 May Board of Directors of J&K passed a resolution appointing Zubair as a Managing director for 3 years and was advised to join immediately. Subsequently he resigned from HDFC on May 16 and joined JK Bank as the Managing Director on May 18, 2019.
At that time Zubair was taking care of North as Regional Manager, Customer Experience and Projects. He was supporting 500 branches of Delhi, Haryana, J&K and Ladakh.
Zubair has an acclaimed track record in banking and financial services. Apart from playing key role in the growth of HDFC bank, he has received many international awards for his contribution to the banking industry.
J&K Bank presently has eight directors but no managing director.
The Bank is managed by RK Chibber, whose appointment as interim Chairman and Managing Director (CMD) has been repeatedly extended by the RBI in contravention to its own directive of splitting the post.
In early October, his term was again extended for six months.
On Zubair’s hanging fate in the bank, chairman Chibber did not respond to the repeated calls and messages from Free Press Kashmir.