UT of Ladakh gets RBI nod to Acquire 8.23% stake in J&K Bank

Current GK ( Master) Banking Awareness

Government of the Union Territory (UT) of Ladakh has received the approval of the Reserve Bank of India (RBI) to acquire 8.23 percent of the paid-up equity capital of Jammu and Kashmir Bank Ltd.
This means that the ownership of 8.23 percent (4,58,29,445 Equity Shares) shareholding of J&K Govt. in Jammu and Kashmir Bank shall now be transferred to the Government of UT of Ladakh as on the date of enforcement of Jammu and Kashmir Reorganisation Act, 2019, i.e. October 31, 2019.
Additionally, one post of Director on the Board of the J&K Bank has been earmarked for the UT of Ladakh.