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

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

    RBI appoints J&K Bank as lead bank convenor for UT of J&K; SBI gets Ladakh
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    By CNBC-TV18  IST (Updated)

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    The government through a gazette notification on August 9, 2019 had reorganized 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.

    The Reserve Bank of India (RBI)  has appointed Jammu & Kashmir Bank as the lead banker for the union territory of Jammu and Kashmir and State Bank of India (SBI) as the lead convenor bank for union territory of Ladakh.
    Through a gazette notification on August 9, 2019, the erstwhile State of Jammu and Kashmir had been reorganized into Union Territory of Jammu and Kashmir and Union Territory of Ladakh with effect from October 31, 2019 by the government.
    "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," RBI said in a notification issued on Thursday.
    There is no change in the SLBC/UTLBC convenorship of other states and UTs, central bank added.
     
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