Zakir Naik's IRF in HC against its immediate ban

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.

A 53-year-old Indian worker in the UAE has missed a special repatriation flight after he dozed off at the Dubai International Airport, a media report said.

P Shajahan, who worked as a storekeeper in Abu Dhabi, was supposed to fly to Thiruvananthapuram on the Emirates jumbo jet chartered by the Kerala Muslim Cultural Centre (KMCC) Dubai, Gulf News reported.

It was the first-ever jumbo jet chartered for repatriation.

Shajahan, who had paid 1,100 dirham (USD 300) for the ticket, said that he did not sleep on the previous night as he kept on waiting for the confirmation of his ticket for the jumbo jet flying 427 stranded Indians to Kerala, it said.

He reached the airport early in the morning and after finishing the check-in procedures and rapid test, he reached the waiting area of the boarding gate at Terminal 3 around 2 PM local time, the report said.

“I sat away from most of the others. But I fell asleep after 4.30 PM,” he said.

S Nizamudeen Kollam, who coordinated the charter flight, said that the airline officials could not trace Shajahan when the flight was to take off.

“He woke up and called us after the flight left. It is sad that he missed the flight, which was the first-ever jumbo jet chartered for repatriation. We are now trying to send him on another Emirates flight that we are chartering on Saturday,” Kollam said.

Since Shajahan did not have any money, Jasimkhan Kallambalam, organising secretary of KMCC Thiruvananthapuram, went to the airport to meet him on Friday.

“Since his visa was cancelled, he could not come out of the airport. He had only eaten the snacks in the kit KMCC had given. We managed to give him some cash for buying food through KMCC volunteer Alamsha Latheef,” Kallambalam said.

In March, another Indian expat had fallen asleep in the same terminal and missed the last flight home before flights were suspended due to the COVID-19 pandemic.

He was stranded here for over 50 days before getting repatriated.

Chikkamagaluru, Jun 13: Deputy Commissioner Dr Bagadi Gautham said that movement of heavy vehicles has been banned from Tanikodi to S K Border on NH 169 (Mangaluru to Solapur) from June 15 to August 15.

In an official statement issued here on Friday evening, he said that due to heavy rain lashing in the District the minor bridges on the stretch at Umbalagere, Goravanahalli and Gulaganji are in a dilapidated condition. As a precautionary measure, the movement of heavy vehicles has been banned.

As an alternative, all the vehicles (below 15 tonnes) from Chikmagalur can travel via Baliho Nur-Magundi-Kalasa-Kudremukh-SK Border. The vehicles from NR Pura (below 15 tonnes) should travel via Koppa-Hariharapura-Bidaragodu-Agumbe.