With the dismissal of Parvez Nengroo’s petition against his removal as Chairman & Managing Director of J&K Bank, by the J&K High Court, experts say there will now be no reason for the RBI to hold approval of Zubair Iqbal as first MD of J&K Bank.
An expert in banking and finance while speaking to Greater Kashmir from Mumbai said that the RBI “has now no reason to hold approval of Zubair Iqbal as first MD of J&K Bank”.
He said that Zubair Iqbal was appointed as MD J&K Bank by a “rigorous and fair selection process overseen by three-member high level committee under the chairmanship of Tapan Ray, Ex Union Corporate Affairs Secretary, Dr. Arun Kumar Mehta, Financial Commissioner, J&K, Anand Madhukar, OSD in department of Financial Services, Ministry of Finance, (GOI)”.
A retired Senior Executive of J&K Bank said that Zubair was known for his immense contributions in the banking industry in North India and “he meets all the criteria” set by RBI for appointment of MD.
“Now, the RBI has no reason to delay it further. This kind of delay by the regulator in normally unheard of,” he added.