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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, July 10: The Karnataka government has decided to hold examinations only for the final semester students of undergraduate (UG) and postgraduate (PG) in various universities of state and promote other semester students to the next level without holding any examination.

The decision was taken to safeguarding the students' interest as well as academic career of lakhs of students during the time of Covid-19 pandemic. The significant move by the Higher Education department was announced by Deputy Chief Minister Dr CN Ashwath Narayan who is also the minister for Higher Education.

The DCM announced that the examination for final semester UG and PG students will be conducted as per the guidelines issued by the University Grants Commission (UGC) by the end of September 2020.

As per the latest decision, all students who are either at the beginning or middle semester of their UG and PG courses will be promoted to next semester without any examination. The state government further made it clear that the latest decision would only be applicable for this academic year--2019-20.

The students will be promoted to the next semesters based on academic performances during the previous assessment.

Giving details of the decision, Dr CN Ashwath Narayan told media persons that the decision was taken in the interest of the students. "Keeping in mind the safety of students during Covid-19 pandemic times, the government has taken the decision. We have also discussed with education experts, former Vice Chancellors before arriving at this decision," he said.

The DCM also revealed that Governor Vajubhai Vala who is the Chancellor of all the universities has also given his consent for the decision. Students can call up on the department helpline 080-22341394 for any academic queries.

How will students be promoted?

The students who are pursuing UG and PG courses at mid semester levels will be evaluated internally based on their academic performance along with the marks scored during the previous semester or year.

"Based on this comprehensive evaluation, we will promote the students to next semester. But for the first semester students, they will be promoted entirely based on internal evaluation on academic performance," the Deputy Chief Minister explained.

In case if the students wish to improve their marks further, they can take the exams separately later. This apart, students with backlog subjects have also been allowed to carry those subjects further into the next semester subject to only the present academic year.