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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.

Bengaluru, Mar 14: The Rashtriya Swayamsevak Sangh (RSS) on Saturday suspended its proposed Akil Bharatiya Pratinidhi Sabha (ABPS) meeting scheduled to be held in the outskirts of the city, in the wake of the outbreak of Coronavirus in the state.

'In view of the seriousness of the pandemic COVID-19 and in the light of instructions and advisories thereof issues by the Union and the state governments, the Akil Bharatiya Pratinidhi Sabha meeting scheduled in Bengaluru has been suspended', Sarakaryavah Suresh Joshi tweeted.

All Swayamsevaks should cooperate with the administrations to create awareness among the public and to face this successfully, he said.

It may be recalled that Karnataka State Government had ordered shut down of pubs, malls, theatres, and ban mass gatherings over the Coronavirus scare, on Friday.

Mangaluru, Apr 23: An elderly woman who was tested positive for COVID-19 in Dakshina Kannada district today breathed her last.

The deceased is a 77-year-old woman from Bantwal taluk. 

She is said to be a close relative of the Bantwal woman who died of COVID-19 on April 19.

She was shifted to govt Wenlock Hospital which is now converted into COVID-19 hospital on April 22 from a private hospital.

Her throat swabs were sent for testing. Health and family welfare department earlier today confirmed that she was tested positive for coronavirus.

Within hours she breathed her last without responding to any treatment. 

So far 17 corona positive cases have been confirmed in the district including two deaths. Most of them have returned home after recovering.