Categories: Banking

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.

Important takeaways for all competitive exams:

  • Jammu and Kashmir Bank Ltd CEO: R K Chhibber (Jun 2019–);
  • Jammu and Kashmir Bank Ltd Founded: 1 October 1938;
  • Jammu and Kashmir Bank Ltd Headquarters: Srinagar.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.

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