India, Sept. 22 -- Banks holding stakes in insurance joint ventures is a legacy of an era when lenders were encouraged to seed the sector alongside foreign and public partners. Many of those holdings have since become passive, non-strategic investments rather than businesses the bank actively runs. Selling them down, in tranches or in full, has become a fairly routine way for banks to free up capital without touching their core lending book.

Shares of Jammu and Kashmir Bank Ltd. closed at Rs. 147.17, up 0.84 percent from previous close of Rs. 145.95. The stock opened at Rs. 146.11, reaching an intraday high of Rs. 147.90 and low of Rs. 146.11. The company currently has a market capitalization of Rs. 16,215 crores.

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