Jammu and Kashmir (J&K) Bank has received in-principle approval from board to transfer 8.23 per cent stake of J&K Government to Union Territory (UT) of Ladakh. It is to be noted that the state was divided into union territories of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019.
The board decided to give its ‘In-principle approval’ for implementation of General Administration Department, Govt. of Jammu and Kashmir in terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu and Kashmir Bank (4,58,29,445 Equity Shares) as on October 31, 2019, shall be transferred to UT of Ladakh.
Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.
