Srinagar, Feb. 8 -- J&K Bank is set to receive Rs 500 Cr capital infusion from the government of Jammu and Kashmir to meet the Basel-III requirements, an official spokesperson said Saturday.

The funds, as per the Finance Department of the government, will be released over the period of next two months of the current financial year (CFY) 2019-20, as the government has already set aside the amount meant for equity infusion or recapitalization of the bank, the spokesperson added.

Consequently, the Board of Directors of the bank in a meeting held on February 7 (Friday) considered raising of capital by the bank by way of preferential issue of specified securities to the government of Jammu & Kashmir- the promoter and majority shareholder of ...