Kotak Mahindra Bank Gets RBI Nod for 9.99% J&K Bank Stake

RBI approves Kotak Mahindra Bank acquiring up to 9.99% stake in Jammu and Kashmir Bank.
Approval is valid for one year and subject to Banking Regulation Act and FEMA compliance.
Kotak must seek RBI approval if stake falls below 5% and wants to increase it again.
Aggregate holding must not exceed 9.99% of paid-up capital or voting rights at any time.