look news india
On Friday, the Reserve Bank of India (RBI) took important action for shortcomings in regulatory compliance with Jammu and Kashmir Bank. As a result, the bank’s stock declined and at the end of trading it fell by about 2 percent to Rs 90. In February 2024, the stock reached a level of Rs 152.45, which is known as the highest level of its 52-week. At the same time, the 52-week low of the stock was Rs 86.70, which was recorded on 13 January 2025.
Due to RBI action
Jammu and Kashmir Bank has been fined Rs 3.31 crore for violation of financial inclusion, access to banking services, Basic Saving Bank Deposit Account (BSBDA), KYC, and loan related norms. Additionally, RBI has also imposed a fine on Bank of India and Canara Bank. Bank of India has been fined Rs 1 crore and Canara Bank has been fined Rs 1.63 crore, which is due to not following some provisions of the Banking Regulation Act, 1949.
Quarterly results
Jammu and Kashmir Bank recorded a profit of Rs 531 crore with an increase of 26.2 percent in the October-December quarter of the current financial year, compared to Rs 421.08 crore in the same quarter of the previous year. In the first nine months of the current financial year, the bank’s profit has increased by 32.7 percent to Rs 1,497.92 crore, which was Rs 1,128.60 crore in the same period last year.
Shareholding pattern
Promoters hold a 59.40 percent stake in the bank’s shareholding pattern, while public shareholding is 40.60 percent. The bank holds a 1.33 percent stake of Life Insurance Corporation (LIC), which is equivalent to 1,46,41,715 shares.
