Jnandev Kamath, former president of Mangalore Stock Exchange, no more

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.

Mangalore, Jun 3: One man was arrested by the Crime Branch of city police from Mangalore for allegedly having links with gangster Ravi Pujari, Joint Commissioner of Police (Crime) Sandeep Patil said on Wednesday.

According to the police, the man identified as Ghulam has been sent to 10-day police custody.

"During the investigation of a case related to Ravi Pujari, it was found that one Ghulam is a close associate of Pujari and had helped him in extortion and other illegal activity. Ghulam was arrested from Mangalore. He was produced before a court and sent to 10-day police custody," Patil said.

The senior police officer said that further investigation is on in the matter.

Pujari, who was wanted in several cases including ones related to heinous crimes like murder and extortion, was brought to Bengaluru earlier this year from Senegal. He had reportedly gone underground two decades ago and had allegedly been carrying out illegal activities from abroad.

Mangalore, Feb 4: Following the directions of the University Grants Commission (UGC) to use khadi for convocations and other events in universities and colleges, Mangalore University has decided to use khadi-silk for ceremonial robes.

The amendments to the statute governing convocations for conferring degrees were approved in the Academic Council meeting.

Mangalore University Registrar Prof A M Khan said on Tuesday that the colour of the gown of the chancellor will be rich dark red or vermilion and the ‘angavasthram’ will be of gold with blue border.