The Jammu and Kashmir administration Thursday appointed former Vice President of HDFC bank, Zubair Iqbal as chief financial consultant in the finance department.
In an order issued by the finance department of Jammu and Kashmir, it was noted that the salary for the position will be rupees 2 lakh per month.
“In terms of rule 194 of GFRs-207, sanction is hereby accorded to the engagement of Mr. Zubair Iqbal as chief financial consultant in the finance department,” reads the order signed by lieutenant governor Manoj Sinha.
The government order further said that the nature of the job was contractual and the term would be for one year after the date of joining.
Earlier, Jammu and Kashmir government withdrew nomination of Iqbal as director from the Board of Directors of Jammu and Kashmir Bank.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to intimate that Mr. Zubair Iqbal , Govt. nominee Director (DIN:08742685) has ceased to be the Director of the Board of Bank consequent upon withdrawal of his nomination by the Government of Jammu & Kashmir,” an order had said.
Iqbal was nominated as the first managing director of J-K Bank in May last year but his appointment was not cleared by the Reserve Bank of India.
He was nominated as the first managing Director of J-K Bank after a rigorous process of selection overseen by a high- level three-member committee under chairmanship of Tapan Ray, ex -Union Corporate Affairs Secretary, Arun Kumar Mehta, Financial Commissioner, Anand Madhukar, Officer on Special Duty, Department of Financial Services, Ministry of Finance, Government of India.