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Informist, Thursday, May 7, 2026

--RBI OKs Kotak Mahindra Bank to acquire up to 9.99% stake in J&K Bank 

NEW DELHI – The Reserve Bank of India has allowed Kotak Mahindra Bank to buy up to 9.99% stake in Jammu & Kashmir Bank, the Srinagar-headquartered lender informed exchanges Thursday. The Reserve Bank of India "has accorded its approval to Kotak Mahindra Bank Ltd. for acquiring aggregate holding up to 9.99% of the paid-up share capital or voting rights in Jammu & Kashmir Bank Limited," the bank said. 

If Kotak Mahindra Bank fails to acquire the shareholding in the bank within a period of one year, the approval granted by RBI will stand cancelled, Jammu & Kashmir Bank said. "Subsequent to such acquisition, if the aggregate holding of Kotak Mahindra Bank falls below 5% at any point in time, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or total voting rights of the Bank," it said. "Further, Kotak Mahindra Bank must ensure that the aggregate holding in the Bank does not exceed 9.99% of the paid-up share capital or voting rights of the Bank, at all times."

Jammu & Kashmir Bank's net profit rose over 36% on-year and on-quarter to INR 7.98 billion during the March quarter. Meanwhile, Kotak Mahindra Bank's net profit rose 13% on year to INR 40.27 billion in Jan-Mar. Shares of Jammu and Kashmir Bank closed 2% higher at INR 139.63 on the National Stock Exchange on Thursday, while Kotak Mahindra Bank's shares closed 0.7% higher at INR 379.40.  End

Reported by Priyasmita Dutta

Edited by Avishek Dutta

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