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 communiques to J&K Bank- copies of which are in possession of news agency—Kashmir News Observer(KNO), 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