Go digital, even beggar using swipe machine: PM

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, Feb 27: Union Minister of State for External Affairs V Muraleedharan on Wednesday said the Union Government will take up the issue of establishing a US consulate in Bengaluru during bilateral talks with the US officials in the future.

Speaking at a seminar on Videsh Sampark here, Mr Muraleedharan said after Delhi and Mumbai, a large number of visa applications come from Bengaluru. “We will take up the issue of establishing a US consulate in Bengaluru during bilateral talks,” he said.

Earlier, the chief secretary of Karnataka TM Vijay Bhaskar urged the centre to consider the state government’s demand of setting up a US Consulate in Bengaluru. At the moment visa applicants have to travel to Chennai for the purpose.

Bengaluru, May 4: Former Karnataka chief minister HD Kumaraswamy on Sunday said that the health of the migrants who have been allowed to move, should not be jeopardized and appropriate tests must be conducted.

"The task was to send the workers to their places. However, their health should not be jeopardized. This decision made for their benefit should not be a travesty for them. There will also be physical interference on the buses and appropriate tests must be done," said Kumaraswamy.

"The lockdown, which was implemented without any prerequisites, is now loosened without warning. The state government, which has allowed migrant workers to move to the city, has mobilized large numbers of people. By this, the government is playing with their health," he added.

He continued saying that the government should not lose out on an unscientific move that resulted in the loss of thousands of crores of rupees from a custodial lockdown.

"Workers and villages must be sober. The government must take all necessary precautions in this regard," he added.