Ladakh gets RBI nod to acquire 8.23% stake in J&K Bank

The Reserve Bank of India has accorded its approval to the Government of the Union Territory (UT) of Ladakh to acquire 8.23 per cent of the paid-up equity capital of Jammu and Kashmir Bank Ltd as on the date of enforcement of Jammu and Kashmir Reorganisation Act, 2019 ( October 31, 2019). This move follows the Government of Jammu and Kashmir’s October 30, 2020, Order regarding the transfer of 8.23 per cent shareholding (about 4.58 crore equity shares) in Jammu and Kashmir Bank as of October 31, 2019, to the UT of Ladakh.

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The bank, which declared its financial results on July 14, reported a net profit of ₹317 crores in the fourth quarter ended March 31, 2021, against a net loss of ₹294 crores in the year-ago quarter and a net profit of ₹66 crores in the December 2020 quarter.

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