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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 9: Karnataka Chief Minister B S Yediyurappa on Thursday said the Covid-19 situation was “getting out of control a little” in some parts of the state, but assured citizens that authorities were taking necessary steps. 

“In some districts, it’s getting out of control a little. But the district administration and police are working day and night,” Yediyurappa said before the Cabinet meeting where the Covid-19 situation will be discussed. 

Speculation is rife that the government might consider stricter measures to curb the movement of people to try arresting the rising number of Covid-19 cases. 

Later in the day, Yediyurappa is slated to inspect the Bengaluru International Exhibition Centre, which has been converted into a Covid Care Centre with 10,000 beds. The chief minister said he had ordered “immediate” arrangement of more ambulances for Bengaluru, where cases are rapidly shooting up. 

“A team from the Centre had come. They’ve made some observations and they also appreciated us for some of the things we’ve done,” he added. 

On Friday, Yediyurappa has convened a meeting of all Bengaluru ministers, legislators, MPs and councillors to discuss the Covid-19 pandemic in the city.