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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, Jul 5: Karnataka Chief Minister BS Yediyurappa has asked officials to ensure that all necessary arrangements for COVID-19 patients must be carried out efficiently and transparently, Medical Education Minister Dr K Sudhakar said.

"Karnataka is in a better position due to the efforts and hard work of ministers, doctors, officials and all staff. The cases have increased in Bengaluru and some other districts in last few days due to various reasons. We all have to work hard and contain the spread of virus," Dr Sudhakar told media on Saturday.

"Responsibilities related to policy formulation, preparation of guidelines, communication to media and management of war room have been assigned to me. Deputy Chief Minister Ashwath Narayan has been given the responsibility of managing COVID-19 care centres and Revenue Minister R Ashoka and Chief Minister's political secretary Vishvanath have been given the responsibility of managing private hospitals. The Chief Minister has instructed all of us to work in synergy," he said.

Dr Sudhakar said the matter of imposing lockdown in the state again was discussed in the task force meeting. "I and Deputy Chief Minister suggested that lockdown is not necessary at this stage. The Chief Minister will take a decision on this matter," he added.

Home Minister Basavar Bommai, Health Minister B Sriramulu, Revenue Minister R Ashoka and senior officials were present in the task force meeting.

Bengalur, May 15: Karnataka Deputy Chief Minister Dr CN Ashwath Narayan on Friday said that stern action will be taken against the persons responsible for organising the village temple fair in Ramanagara district.

"Stern action will be taken against the person responsible for organising the festival. This should not have happened," the Deputy CM said.

Flouting all social distancing norms, people had gathered in large numbers for a temple fair in Kolagondanahalli village of Ramanagara. People were even not wearing masks.

They had taken permission for gathering from Panchayat Development Officer NC Kalmatt.

Kalmatt has been suspended by Ramanagara Deputy Commissioner following a report by the Tehsildar.

Meanwhile, 45 more COVID-19 cases have been reported from Karnataka, taking the total number of coronavirus cases in the state to 1,032 on Friday, according to the state Health Department.