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.
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EVEN BJP AND RSS PEOPLE EAT BEEF SECRETLY. I can name them
BJP and sangh parivar will not digest this truth and will protest. Hegde/Yoodiyoorappa may call for karnataka bandh.
Dear Swamiji, Thank you for your statement. But we knew it while going through Hindu scriptures. And as Abu Muhammad said, you are talking about the good person RAAM. But BJP is talking about vote bank RAM or could be about Computer RAM (Random Access Memory)
Seer. Dont say cultural imperialism. Instead of that use simple words. Such kind of terms brainless RSS people cant understand
I know one thing. Seer told one fact that is RSS and BJP trying to impose cultural imperialismin India
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Seerji, you are taking about Mahatma Gandhiji's MARYADA PURUSH RAM, but Sangh Parivar's political ARM of RAM is different, vote bank RAM, what is in the scsriptures is immaterial what Sangh says is eternal truth!!
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