RBI appoints J&K Bank as lead bank convenor for J&K UT; SBI gets union territory of Ladakh

J&K Bank

The Reserve Bank of India (RBI) has appointed Jammu & Kashmir Bank as the lead bank for the newly formed  union territory of Jammu and Kashmir.

J&K Bank

Besides, the State Bank of India (SBI) will be the lead convenor bank for union territory of Ladakh.

The government via its gazette notification on August 9, 2019 had reformed the erstwhile Jammu and Kashmir state under the Jammu and Kashmir Reorganisation Act, 2019, into union territories of Jammu and Kashmir and Ladakh with effect from October 31, 2019.

“In view of the above, it has been decided to assign the UTLBC (Union Territory Lead Bank Convenor) Convenorship of the Union Territory of Jammu and Kashmir to Jammu & Kashmir Bank Ltd and the Union Territory of Ladakh to State Bank of India,” the RBI said.

There will be no change in the SLBC/ UTLBC convenorship of other states and UTs, it added. PTI KPM ABM

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