Sbi Wants To Be Lead-Bank For Ladakh; Opens 14th Branch

The country’s largest lender State Bank of India (SBI) has expressed a desire to become the lead-bank for the newly carved-out Union Territory of Ladakh. SBI Chairman Rajnish Kumar on September 14 inaugurated a new branch in this remote town of Diskit in the Nubra Valley, making it the 14th facility of the bank in the Ladakh region and 22,024th branch for the bank. On August 5, the government had announced that the entire region will cease to be a single state but would become two Union territories of J&K and Ladakh, wherein J&K will have a state Assembly under a lieutenant governor, while Ladakh will have no legislature. The announcement was part of the government’s decision to abrogate Articles 370 and 35A of the Constitution which gave special status to J&K. Speaking to reporters here Saturday, the chairman said if other banks have a problem to be the SLBC convenor, SBI is willing to take up that mantle.