The board of Jammu & Kashmir (J&K) Bank has given its consent to transfer 8.23% J&K government’s stake (4,58,29,445 Equity Shares), as on October 31, 2019, to the Union Territory (UT) of Ladakh.
- This decision is on the lines of implementation of the General Administration Department, Govt. of Jammu and Kashmir notification on October 30, 2020.
- It should be noted that the government of J&K is a designated promoter of the bank. As on December 30, 2020, it holds 68.18% in the bank.
- One post of director on the Board of the J&K Bank is also earmarked for Ladakh.
The state of J&K was divided into UTs of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019. The UT status came into effect from October 31. Therefore, the transfer of stake in J&K bank is required.
Recent Related News:
i.On September 12, 2020, Jammu & Kashmir (J&K) Governor, Manoj Sinha announced Universal Health Insurance Coverage Scheme for all residents of the Union Territory at an annual expenditure of Rs 123 Crores.
ii.On December 29, 2020, Union Minister of Earth Sciences, Dr Harsh Vardhan virtually inaugurated India’s Highest Meteorological (Met) Centre at Leh, Ladakh (UT). It is situated at a height of 3500 metres from the mean sea level.
About Jammu & Kashmir (J&K) Bank:
Establishment – 1938
Chairman & Managing Director (CMD)– Rajesh Kumar Chhibber
Tagline– Serving to Empower
Headquarter– Srinagar, J&K