On May 16, 2020, The Jammu and Kashmir (J&K) administration approved the appointment of senior vice president (SVP) of HDFC bank Zubair Iqbal as the new Managing Director (MD) of Jammu and Kashmir Bank, for a period of 3 years.
Key Points:
i.Chairman: In another order, Rajesh Kumar Chibber, who is currently MD and Chairman of J&K bank, has been reappointed as the Chairman for the period of 3 years.
ii.An order to this effect was issued by the additional secretary to the finance department.
iii.About Zubair Iqbal: He has a highly acclaimed, illustrious and impeccable track record in Banking & Financial Services spanning more than 3 decades.
iv.Zubair was awarded at Silver Jubilee Celebrations by Institute of Objective Studies, New Delhi for significant contribution to the banking industry of the state.
v.He has also won more than 50 laurels during his tenure with HDFC Bank and 13 of those were awarded during Insurance Skill Development Programmes at London, Paris, Indonesia, Dubai, China, Turkey, Italy, Switzerland, Bangkok, Malaysia, Moscow & Jordan.
vi.Fact: On June 10, 2019 the Reserve Bank of India (RBI) had approved the appointment of Chibber as interim CMD (Chairman and Managing Director) of Jammu and Kashmir Bank for three months following the removal of Parvez Ahmed from the post by the then state government.
vii.He received a month’s extension in September 2019 to continue as the bank’s interim CMD, followed by a six-month extension in October 2019.
viii.The RBI had extended the tenure of Chibber as MD of the bank for a period of 3 months in April 2020.
ix.Parvez Ahmed was removed by the erstwhile state government on alleged charges of corruption, nepotism and favouritism.
About Jammu & Kashmir Bank:
Headquarters– Srinagar, Jammu and Kashmir.
Tagline– Serving To Empower.
