Jammu & Kashmir Bank to raise funds up to Rs 1,000 crore

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Jammu & Kashmir Bank has received an approval for raising of capital subject to a maximum of Rs 1,000 crore. The board of directors at its meeting held on May 13, 2017 has approved for the same.

Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. J&K Bank holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.