Govt bifurcates Chairman-cum-MD post as per RBI guidelines
*Number of Directors goes up to 10
Neeraj Rohmetra
JAMMU, May 14: Implementing the Reserve Bank of India (RBI) guidelines, the J&K Government today, for the first time in the history of Jammu and Kashmir Bank, bifurcated the post of Chairman-cum-Managing Director in the Bank as it cleared the decks for appointment of RK Chhibber as Chairman and Zubair Iqbal as Managing Director of the Jammu and Kashmir Bank Limited. The Board of Directors of the J&K Bank will formally appoint/elect Chhibber and Zubair to the posts and send the appointments to the Reserve Bank of India (RBI) for approval.
Earlier, the Chairman of Jammu and Kashmir Bank used to hold charge of twin posts of the Chairman as well as Managing Director. Now, the Bank will have two posts including the Chairman and the Managing Director.
While Chhibber is presently Chairman-cum-Managing Director of the Bank, Zubair is Senior Vice President of HDFC Bank.
“Appointments of Chhi-bber as Chairman of Jammu and Kashmir Bank and Zubair as Managing Director will be for a period of three years or till further orders, whichever is earlier,” two separate orders issued today by the Finance Department of the Jammu and Kashmir Government said.
One of the Government orders said RK Chhibber, Chairman-cum-Managing Director, shall be a non-Executive Director on the Board of J&K Bank Limited for a period of three years or till further orders, whichever is earlier. The Board of the J&K Bank Limited may appoint/elect him (Chhibber) as the Chairman of the Board of J&K Bank Limited, it added.
Similarly, another order said the Govern-ment of Jammu and Kashmir has decided to appoint Zubair Iqbal, Senior Vice President of HDFC Bank as a Government Nominee/ Director on the Board of J&K Bank Limited for a period of three years or till further orders, whichever is earlier.
The appointment was made in exercise of the powers under Article 69 (i) of the Articles of Association of J&K Bank Limited.
The Board of the J&K Bank Limited may appoint/elect Zubair Iqbal as the Managing Director of the J&K Bank Limited, the Finance Department order said.
Sources said the Board of Directors of Jammu and Kashmir Bank Limited will appoint/elect Chhibber and Zubair as Chairman and Managing Director respectively and submit the appointments to the Reserve Bank of India for approval.
The Jammu and Kashmir Bank will now have 10 Directors on the Board including the Chairman and the Managing Director.
They include A K Mishra, Additional Director, Arun Kumar Mehta (Financial Commissioner Finance), Director, Bipul Pathak (Principal Secretary to Lieutenant Governor), Government Nominee Director, Monica Dhawan and Naba Kishore Sahoo, Independent Directors, RK Chhibber, Chairman, Zubair Iqbal, Managing Director, Rajiv Lochan Bishnoi, Independent Director, Sonam Wangchuk and Vikram Gujral, both Directors.
On April 1 this year, the RBI had extended the tenure of Chhibber as the CMD of Jammu and Kashmir Bank for a period of three months.
Chhibber is widely credited for bringing series of reforms in Jammu and Kashmir Bank after his takeover as the Chairman-cum-Managing Director after assuming charge of the Bank on June 9 last year.
He brought the bank under the ambit of Chief Vigilance Commission and RTI guidelines and introduced professionalism and accountability in the institution.
Chhibber had joined the services of Jammu and Kashmir Bank as Probationary Officer in 1982 and has led the JKBL in various capacities from managing business operations at Branch, Zonal offices and Corporate level. His main areas of experience include Credit, Finance, IT, Corporate & Retail Banking, Risk Management, Trade Finance, Foreign Exchange, Business Continuity Planning, HR etc.
Zubair Iqbal, Senior Vice President HDFC Bank and known for his immense contribution in the growth of HDFC Bank in Jammu and Kashmir, who will be new Managing Director of Jammu and Kashmir Bank, has highly acclaimed, illustrious and proven career and impeccable track record in Banking and Financial Services spanning more than three decades including 15 years each with J&K and HDFC Banks.
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