Six months on, RBI yet to approve Zubair Iqbal as MD, J&K Bank

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Ziraat Times
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Srinagar: Even as six months have passed since the appointment of Zubair Iqbal as the new Managing Dircetor of J&K Bank, the Reserve Bank of India (RBI) is yet to approve his name in this new role.

Interestingly, the RBI recently extended the term of Rajesh Kumar Chibbar by six months as Chairman Jammu & Kashmir Bank, but did not issue clearance for Mr Zubair as the new Managing Director. Consequently, the bank is without a formal executive architecture at the top even as it is in the middle of a challenging financial environment.

Informed sources told Ziraat Times that Mr Zubair met Lieutenant Governor, L G Sinha, recently and pleaded his case for an early clearance, however, there seems to be a complete logjam at the RBI level in clearing his name for the important position.

“Usually RBI issues clearance within a period of 90 days but this time the wait has been long and we are really surprised,” said a top JK Bank official on condition of anonymity.

Pertinently, after inviting applications for the position of Managing Director in April this year, the former Vice President of HDFC Bank, Zubair Iqbal was appointed for the post among 38 candidates by a search committee constituted by the government.

Zubair Iqbal, after resigning from HDFC Bank, joined the Bank on May 18 but on May 27 was advised not to join till the RBI clearance was received.

Since May 18, JK Bank is without an MD, even as it is steering through a difficult financial situation for the bank due to rising NPAs and low credit appetite in the market.

When contacted, Zubair Iqbal declined to comment on the issue, maintaining that the government was the ‘best judge and in a better position to comment on the matter.’

(With inputs from KNT)

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