Cops nab 3 cattle thieves after chasing car from Thokkottu to Talapady

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, Apr 1: The rush for purchase of essential commodities has eased in several places in Dakshina Kannada with the relaxation of lockdown from Wednesday between 7 am and 12 noon by the district administration. However, a few markets in Mangaluru still had queues in front of vegetable shops on Wednesday.

Vegetable shops and markets in Mallikatte, Kadri, Bejai-Kapikad, Urwastore, Mannagudda and Carstreet areas were crowded with people violating social distancing norms due to the coronavirus crisis.

To avoid swelling of crowds at Central Market in Mangaluru, the market was opened only for wholesalers to collect vegetables. The entry of public to Central Market was prohibited.

MCC Commissioner Ajith Kumar Hegde Shanady said that retail sale is prohibited at Central Market.

The Surathkal market too has been closed from April and traders from the market are allowed to sell essential commodities at alternative locations from 7 am to 12 noon.

Mangaluru, Jul 4: Normal life was thrown out of gear as heavy rain under the influence of South East Monsoon started lashing coastal districts of Karnataka including Dakshina Kannada on Saturday.

The heavy rain is likely to continue till July 7, according to the meteorological experts. 

The water level in Netravati river is increasing and district administration has warned the people living in the low lying areas and has asked them to move to safer places.

Owing to lack of storm water drains, water logging of the roads inconvenienced the motorists at KS Rao Road, Pumpwell, Bejai, and other areas. 

The Met department sounded warning for fishermen not to venture into the sea observing that strong winds with speed reaching 50-60 kmph are likely to prevail over Southwest and West Central Arabian Sea till July 5.