CARE downgrades rating of Jammu & Kashmir Bank’s Lower Tier II Bonds

Credit rating agency, CARE has downgrade rating of Jammu & Kashmir Bank’s Lower Tier II Bonds worth Rs 600 crore to ‘AA-’ from ‘AA’. The revision in the rating takes into account the increase in Non Performing Assets (NPAs) during H1FY15. Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.