Mangaluru: AK Corporate Cricket Bash from Nov 23

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, Mar 29: The state government has lifted the restrictions on the movement of chicken and eggs, thus ensuring the availability of protein-based nutrition to consumers.

Due to the 21-day lockdown in the State, police and other regulatory authorities were not allowing movement of poultry products, which not only had affected the entire poultry sector but also the consumers. The Karnataka Poultry Farmers and Breeders Association (KPFBA) had made a representation to the government to lift the restrictions.

The Secretary of Animal Husbandry and Fisheries, A B Ibrahim in a circular dated March 27, 2020 night , said that the minimal husbandry sector came under essential services and is given exemption during the lockdown period. He cited the letter which provides for the exemption, issued by the Government of India Home Secretary and the Union Joint Secretary of Animal Husbandry and Dairying.

Mangaluru, Feb 28: In a shocking incident, an engineering student has committed suicide on the railway track at the Someshwara railway station near Ullal on the outskirts of the city.

The deceased has been identified as S Rayagowda (23) from Belgaum.

It is suspected that he resorted to the extreme step due depression after love failure. Railway police are investigating the matter.