J-K Bank appointed lead bank convenor for UT of Jammu & Kashmir; SBI gets Ladakh

The Reserve Bank on Thursday appointed Jammu & Kashmir Bank as the lead banker for the newly carved out union territory of Jammu and Kashmir. State Bank of India (SBI) will be the lead convenor bank for union territory of Ladakh.

The government through a gazette notification on August 9, 2019 had reorganised 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 is no change in the SLBC/ UTLBC convenorship of other states and UTs, it added.