New Delhi, May 29: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.2 crore on Karnataka Bank Limited for non-compliance of asset classification, divergence and provisioning norms.
"The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the central bank said in a statement on Thursday.
According to the central bank, the statutory inspection of the bank with reference to its financial position as on March 31, 2017, and as on March 31, 2018, and the Risk Assessment Reports (RAR) pertaining thereto revealed, inter-alia, non-compliance with the directions issued by RBI.
Earlier, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the directions.
After considering the bank's reply to the notice, oral submissions made in the personal hearing and examination of additional submissions, RBI concluded that the charges of non-compliance with RBI directions warranted imposition of monetary penalty, according to a release.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Mangaluru, Jun 3: Haji Moosa Kunhi Manjeshwar, son-in-law of late Haji V Ramlan, Rtd Asst. Commissioner, Mangaluru, passed away on Thursday, June 2 at 1.30 p.m, after a prolonged illness at their residence in Mangaluru.
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Great Personality ,community leader and peace lover.may Allah grant him Jannah for his good deeds
Inna lillahi wa inna ilahi rajioon . Wellknown great person
inna lillahi wa inna ilayhi raajhioon
Innalillahi va Inna Ilihi Rajihoon, a well known personality, a huge loss to Manjeshwar, May Allah grant a strength for his family to bear this loss
Inna Lillahi Wa Inna Ilayhi Raaji'oon, very good human being. thanks for the coverage \CD\"."
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