6 months on: RBI yet to clear the name of MD JK Bank

Srinagar, Nov 3, Though the Reserve Bank of India (RBI) recently extended the term of Rajesh Kumar Chibbar by six months as Chairman Jammu Kashmir Bank, but it is still silent on the clearance issue of new Managing Director.
Insiders told news agency KNT that since May, Zubair Iqbal who had been appointed as new Managing Director (MD) of Jammu Kashmir Bank is waiting for the clearance from RBI while the current dispensation is not showing any interest to fill up the post.
Iqbal shortly after his appointment in May this year was asked to wait till the clearance from the RBI is still waiting for the same but there is no follow up of the case. Insiders said that getting clearance is not a big deal but the present dispensation is resorting to dilly dally tactics for the reasons better known to it.
“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 is received.
Since May 18, JK Bank is without any MD. RBI did extend the term of incumbent Chairman after the nod from the government, but hasn’t taken any decision on the clearance issue of Zubair Iqbal.
When contacted, Zubair Iqbal declined to comment on the issue saying government is the best judge and better option to say anything on the issue. (KNT)