Jammu & Kashmir Bank disclosed on May 07, 2026, that the Reserve Bank of India (RBI) has granted its approval to Kotak Mahindra Bank Limited to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in Jammu & Kashmir Bank Limited. The disclosure was made pursuant to Regulation 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

RBI Approval Details

The RBI communicated its approval via a letter dated May 06, 2026, addressed to Kotak Mahindra Bank Limited. The approval was granted in response to an application made by Kotak Mahindra Bank Limited to the RBI. The key parameters of the approval are outlined below:

Regulatory Conditions

The approval granted by RBI is subject to a set of conditions and compliance requirements. Kotak Mahindra Bank Limited must adhere to the following regulatory frameworks:

• Banking Regulation Act, 1949
• Reserve Bank of India (Commercial Banks - Acquisition and Holding of Shares or Voting Rights) Directions, 2025
• Foreign Exchange Management Act, 1999
• Regulations issued by the Securities and Exchange Board of India (SEBI)
• Any other applicable statutes, regulations, and guidelines

Key Conditions and Restrictions

The RBI approval comes with specific stipulations governing the acquisition and subsequent holding. If Kotak Mahindra Bank Limited fails to acquire the specified major shareholding within a period of one year from the date of the RBI letter, the approval shall stand cancelled. Additionally, should the aggregate holding of Kotak Mahindra Bank Limited fall below 5% at any point in time following the acquisition, prior approval from the RBI will be required before increasing it back to 5% or more of the paid-up share capital or total voting rights of Jammu & Kashmir Bank Limited. Furthermore, Kotak Mahindra Bank Limited must ensure that its aggregate holding does not exceed 9.99% of the paid-up share capital or voting rights of the Bank at all times.

The disclosure was signed by Mohammad Shafi Mir, Company Secretary of Jammu & Kashmir Bank Limited, and filed with both the National Stock Exchange of India Limited and The BSE Limited on May 07, 2026.

Jammu and Kashmir Bank Limited has filed a disclosure of related party transactions on a consolidated basis for the half-year ended 31st March, 2026, in compliance with Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was submitted to both the National Stock Exchange of India Limited and The BSE Limited on 5th May, 2026. The total aggregate value of all related party transactions during the reporting period stood at ₹70.19 crores.

Overview of Related Party Transactions

The transactions reported cover the half-year period from 01st October, 2025 to 31st March, 2026, and involve the bank's 100% subsidiary, its associate entity, and key managerial personnel. The disclosures have been drawn in accordance with applicable accounting standards as required under SEBI listing regulations. The following table presents a comprehensive breakdown of all related party transactions reported during the period.

The said amount is the variable pay of previous FYs due and paid in FY 2025-26.

**This amount includes salary of FY2025-26 and the variable pay of previous FYs due and paid in FY2025-26.

Transactions with Subsidiary and Associate

The largest component of the disclosed related party transactions pertains to Jammu and Kashmir Grameen Bank, the bank's associate entity, with an interest payment of ₹65.85 crores on deposits kept in the shape of Fixed Deposits. Additionally, Jammu and Kashmir Grameen Bank received ₹0.53 crores as interest on a Secured Overdraft Facility (SOD) and ₹0.65 crores for IT Support Services (Provision). Transactions with JKB Financial Services Ltd, the bank's 100% subsidiary, included interest paid of ₹0.40 crores, interest received of ₹0.25 crores, reimbursement of revenue expenditure of ₹0.20 crores, and an outstanding balance of ₹0.04 crores.

Key Managerial Personnel Remuneration

The disclosure also covers remuneration and variable pay disbursements to key managerial personnel during the reporting period. The following key individuals were included in the related party disclosures:

• Mr. Amitava Chatterjee (MD & CEO): ₹0.90 crores (includes salary for FY2025-26 and variable pay of previous FYs)
• Mr. Baldev Prakash (Ex MD & CEO): ₹0.36 crores (variable pay pertaining to previous FYs, paid in FY2025-26)
• Mr. Sudhir Gupta (Executive Director): ₹0.50 crores (includes salary for FY2025-26 and variable pay of previous FYs)
• Mr. Pratik D Punjabi (Ex CFO): ₹0.11 crores (variable pay pertaining to previous FYs, paid in FY2025-26)
• Mr. Ketan Kumar Joshi (CFO): ₹0.23 crores
• Mr. Mohammad Shafi Mir (Company Secretary): ₹0.17 crores

Regulatory Compliance

The disclosure was made pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was submitted by Company Secretary Mohammad Shafi Mir on behalf of Jammu and Kashmir Bank Limited. The filing is dated 5th May, 2026, and covers all related party transactions on a consolidated basis for the half-year period ended 31st March, 2026. The total value of all reported transactions aggregated to ₹70.19 crores.