By ARFAT KHAN
SRINAGAR: In Prime Minister Narinder Modi’s ‘Naya Kashmir’ legitimate appointment of a talented common man as Managing Director in J&K Bank held hostage by the mighty elites.
The latest casualty of this discrimination is Zubair Iqbal, Sr Vice President HDFC Bank who was not allowed to perform his legitimate duties as MD J&K Bank despite his selection by a government constituted panel comprising three officers of impeccable integrity.
“Post 370 abrogation, the common man in J&K UT pins hopes in Prime Minister ‘Naya Kashmir’ vision which promised selection on merits and promise to end culture of nepotism in appointments which earlier accommodates undeserving elites” said an officer of J&K Bank preferring anonymity.
There is a coterie in the corporate complex of J&K Bank who is working tirelessly to eschew split of powers between the Chairman and MD and thus playing spoilsports to sabotage appointment of Zubair, said sources.
This coterie enjoys close proximity with R.K.Chibber who recently got another extension of six months to continue as Chairman, alleged sources.
Vide order No-FD/Bkg/12/2020 dated 15-05-2020, the Finance Department appointed Zubair Iqbal as Director /Govt nominee on the Board of J&K Bank for three years and further directed the BoD to appoint him as Managing Director with immediate effect.
This exercise was initiated in the backdrop of repeated direction from the RBI to separate the posts of Chairman and MD for better governance and growth in J&K Bank.
Consequently, Zubair resigned from the HDFC Bank to begin his inning as MD in J&K Bank but merely after few days of joining on May 27 he was verbally advised by Finance Department to resume office only after bank received confirmation intimation from RBI pertaining to his appointment.
Reliable sources reveal “RBI is an institution of excellence where in routine the files pertaining to confirmation of candidate for appointment in Banks approved within 90 days”.
Its mind blowing to see an institution (RBI) which vigorously pushing the Govt few months ago for separating the posts of Chairman and MD in J&K Bank suddenly went in deep slumber over the approval of Zubair Iqbal as MD in J&K Bank, said one of the member of the panel.
Something is definitely cooking behind the curtains to sabotage Zubair Iqbal appointment as MD in J&K Bank, alleged RBI sources.
It’s unfortunate that a promising banker who earns distinction as ‘Architect of HDFC Bank’ in J&K for its exemplary corporate banking skills which earns him several national as well as international awards was not allowed to contribute to the growth of J&K Bank at a times when it’s profit is continuously witnessing nose dive, said an insider.
Devoid of influential background, Zubair was selected as MD in J&K Bank in May this year by a panel headed by Tapan Ray, Ex Secretary Union Corporate Affairs and comprised of two members namely Dr Arun Kumar Mehta, Financial Commissioner, J&K and Anand Madhukar, OSD in Ministry of Finance, GoI.
The appointment of Zubair on a prestigious post in the J&K Bank was widely appreciated by everyone in the J&K and it aptly indicts the PM Modi commitment of free and fair selection process to the people of J&K, said another officer of J&K Bank.
Worth to mention here that out of 37 candidates, Zubair was finally selected as most suitable candidate for post of MD in J&K Bank through rigorous process on the basis of his ability par excellence, illustrious career, intact integrity and extraordinary management skills as banker in HDFC Bank.
Ironically, instead of utilizing services of a dynamic banker for the development of the bank, Zubair Iqbal was made to suffer due to internal politics played by influentials in the corridors of J&K Bank, asserted one director of the Bank.
Efforts to seek view of Financial Commissioner J&K, Dr A.K Mehta on this estrange development couldn’t materialise.
However, Chairman, Jammu and Kashmir Bank, R.K Chibber on being contacted said “New MD could resume office only once the Bank management receives confirmation from RBI on appointment made by the Govt”.
Allegations of sabotaging by the bank insiders to stall joining of Zubair Iqbal as MD in J&K Bank holds no substance, he added.