Tagore's Day' celebrated at St Aloysius College

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, Apr 19:  Karnataka's Technical Education department following Union Home Ministry’s guidelines, on Sunday directed all its colleges not to use the Zoom application to conduct online classes during the ongoing lockdown period.

Considering Union Home Ministry's advisory that Zoom app is not safe, the department has taken the decision and issued a circular asking all government, aided and unaided engineering, polytechnic (Diploma) colleges to stop using the app immediately.

The department recommended the use of a free app developed by TCS: "TCS iON Digital class room" or any other App recommended by All India Council for Technical Education (AICTE) to conduct the online classes.

Bengaluru, May 26: The Karnataka high court has rejected bail to a software engineer who was arrested after his sarcastic Facebook post urged people to spread coronavirus by sneezing in public over two months ago.

Mujeeb Mohammed was sacked by Infosys from the post of senior software engineer after his arrest on March 29.

Justice KS Mudagal observed the investigating officer's report and the case diary prima facie show though Mujeeb was well educated and employed, he uploaded messages which are likely to cause disharmony and panic, and are hostile to humanity at a time when the world is facing the pandemic.

The judge noted that the records indicate Mujeeb has six bank accounts, stayed in Bahrain and Kuwait for some years, was influenced by religious fanatics and anti-national ideas and that he had shared a Pakistan WhatsApp number to someone over information about Islam. The National Investigation Agency is probing his links.

Mujeeb, who is in judicial custody now, has been booked under sections 153A, 505, 270 and 109 of IPC.

His counsel submitted the maximum punishment under 153 A of IPC (causing enmity) would be three years and for other offences, it's even less. He also stated the petitioner would abide by the conditions to be imposed by the court.

However, the government pleader said probe provided leads on the petitioner's links with unorganised terrorist groups and it has to be investigated further.