Zubair Iqbal appointed MD J-K Bank, Chibber to continue as chairman

The Jammu and Kashmir administration on Friday approved the appointment of senior vice president of HDFC Bank Zubair Iqbal as the new managing director of Jammu and Kashmir Bank.

R K Chibber will continue as the bank's chairman for the next three years.

Iqbal will have a three-year tenure.

An order to this effect was issued by the additional secretary to the finance department Friday night.

"Consequent to the above (decision of appointment), the board of J&K bank may appoint him (Iqbal) as managing director of J&K bank," the order said.

In another order, Chibber, who is currently MD and Chairman of J&K bank, has been reappointed as the chairman for the period of three years.

Both of them were appointed as director and nominee of the government in the J&K Bank Board.

The RBI had extended the tenure of Chibber as MD of the bank for a period of three months in April.

On June 10 last year, the Reserve Bank had approved the appointment of Chibber 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-month extension in October last year.

Ahmed was removed by the erstwhile state government on alleged charges of corruption, nepotism and favouritism.