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, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.