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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.

Shivamogga, May 12: Roopa Praveen Rao, an expectant mother and a nurse at a hospital in Shivamogga's Karnataka, has chosen to continue to serve the patients amid the ongoing COVID-19 crisis.

Rao who hails from Gajanuru village is nine months pregnant and works at Jayachamarajendra Government Hospital as a nurse.

She travels every day to Thirthahalli taluk to attend to the patients at the hospital.

"The taluk hospital is surrounded by many villages, people need our service. My seniors had asked me to take leave but I want to serve people. I work six hours a day," she told news agency.

She added that Chief Minister B S Yediyurappa too called her up and appreciated her dedication and suggested that she should take rest.

Rao is one of the many frontline COVID-19 warriors who have been risking their lives to ensure that everyone stays safe as the country fights the coronavirus.

Mangaluru, Jul 4: In the wake of mounting coronavirus cases in Dakshina Kannada, all jewellery shops district will be closed for five days from July 5 to July 9.

The decision was taken by the Dakshina Kannada district unit of Jewellers’ Association.

All the jewellery shops including corporate jewellery shops in Manglauru and other parts of district will remain closed for five days, a media release said.