Diversity is the basis of our progress: Karnataka Governor

January 26, 2016

Bengaluru, Jan 26: Karnataka Governor Vajubhai Vala today said the nation should not forget its diversity, 'which is our basis' in its journey towards progress.

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"Both social and economic development is included in ourcountry's developmental perimeter because ours is a diverse country. We will have to progress, keeping in mind inclusive development of all," Vala said.

"While focusing on development based on technological research, we should not forget our diversity, because it is our basis" he said, unfurling the Tricolour at the 67th Republic Day celebrations here.

The day was observed amid heightened security in the wakeof the recent arrest of six suspected terrorists with ISIS links from Karnataka and also a threat letter received at the office of the Consulate General of France here.

Vala, who took the salute during the ceremonial parade, said all should together strive towards making the country more powerful and work for all round development of the state.

He said secularism is the 'backbone' of the country and culture and it has been rightly tailored in the Constitution.

Complementing the state government for its progressive initiatives like mobile governance, amendment to the Panchayat Raj Act and new industrial policy, Vala also made a special mention about Karnataka’s participation in popular central government programmes like Smart Cities and Digital India.

The first ever participation of a dog squad in the parade, march past by a Maharashtra Police contingent and disabled students were among highlights of today’s Republic Day celebrations here.

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Appalling to see migrant workers plight: Shivakumar urges authorities to arrange transportation

News Network

March 28,2020

Bengaluru, Mar 28: Karnataka Pradesh Congress Committee (KPCC) chief DK Shivakumar on Saturday appealed to the authorities to arrange transport for migrant workers, stating that it is appalling to see their plight as they are walking hundreds of kilometres to their villages amid COVID-19 lockdown.
"Appalling to see the plight of poor migrant workers who are walking hundreds of kms to their villages. We cannot abandon our citizens, especially children, and put them at risk. Appealing to the authorities to arrange transport. Please take sufficient safety precautions as well," Shivakumar tweeted.
Hundreds of people, comprising mostly of migrant workers and their families, gathered at the Lal Kua in Uttar Pradesh from Delhi, Gurugram and other places, to take buses to their respective destinations amid the lockdown.
While the Prime Minister Narendra Modi had imposed a nationwide lockdown to prevent the spread of coronavirus, the Uttar Pradesh administration had decided to ply these buses to help thousands of migrant workers who were stuck in the national capital and had started returning on foot to their native places in Bihar, Uttar Pradesh, among others.

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Karnataka Bank reports over Rs 285-cr fraud in four loan accounts

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June 6,2020

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

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