RBI imposes penalty of Rs 1.2 crore on Karnataka Bank for non-compliance of norms

News Network
May 29, 2020

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.

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News Network
March 4,2020

Bidar, Mar 4: The Principal District and Sessions Court in Bidar, on Tuesday, granted conditional bail to five functionaries of Shaheen School management — Abdul Qadeer, Allauddin Pasha, Mehtab Sait, Bilal Inamdar and Abdul Khaleq — who moved anticipatory bail in a sedition case slapped against their school recently.

Conditions

Senior advocate B.T. Venkatesh from Bengaluru argued for the petitioners. Managoli Premavati Mallikarjuna granted bail on certain conditions, including execution of personal bond of ₹2 lakh each.

The sedition case was filed against the Shaheen School management for its children staging a play as part of their annual day celebrations on January 21, in which a character had allegedly delivered a dialogue against Prime Minister Narendra Modi.

While Nazbunnisa, the mother of the child who had allegedly delivered the dialogue in the play, and Fareeda Begum, the headmistress of the school, were arrested, they were subsequently released on bail last month.

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News Network
February 25,2020

Bengaluru, Feb 25: A day after Karnataka minister BC Patil felt the need for a law to shoot people who raise pro-Pakistan and anti-India slogans, another BJP MLA on Monday said such people should be shot at sight or exiled to the neighbouring country.

Appachu Ranjan, MLA from Madikeri, said a woman named Amulya had raised Pakistan Zindabad slogan at Bengaluru during a CAA-related meeting.

"People saying Pakistan Zindabad, despite living in our country- eating food and drinking water available here- they should be shot at sight. Or else such people should be exiled to Pakistan, and no one should should show softness towards them and fight cases in their favour," he said at Somwarpet in Kodagu.

Amulya Leona, a woman who raised pro-Pakistan slogans at an anti-Citizenship Amendment Act rally in Bengaluru on Thursday, has been booked for sedition and remanded to judicial custody.

She had raised "Pakistan Zindabad" slogans thrice after the organisers, under the banner of "Save the Constitution", invited her to address the gathering in the presence of All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi.

Agriculture minister Patil on Sunday had expressed the need for a legislation to shoot such people, and said he would make a request to the prime minister in this regard. "A law should be brought in the country that who ever raises slogans against India and in favour of Pakistan, they should be shot at sight. Bringing such a law is important," Patil had said.

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News Network
May 23,2020

Mangaluru, May 23: In order to ensure that students do not miss out on their studies due to educational institutions being shut owing to the coronavirus lockdown, Dakshina Kannada Pre-university College Principles Association (DKPUCPA) is conducting online classes on YouTube for pre-university students.

The online lessons are shot by lecturers at St Aloysius College and the lectures are then uploaded on YouTube enabling students to watch them online.

"The whole world is currently in a crucial situation because of COVID-19, and because of the lockdown, all are forced to stay indoors. Usually, we used to conduct lectures in a class full of students, but now it is a new experience that we are providing the same information to students in their absence," Rajaram Rao, a lecturer said while speaking to news agency.

He said at present these classes are being conducted for second year pre-university students.

If any student has a doubt on any concept, he said they can contact the teachers. "At present, students also are getting information about the teachers who have uploaded the videos. All the information about the teachers is already being uploaded on the system so that they can contact the teacher," he said.

Dhanya, a student, hailed the DKPUCPA for the setting up of the online classes despite the prevailing situation.

"The teachers who have taught in these classes have taught very well, as if they are teaching right in front of us. It has been very useful for me during this time," she said.

The nationwide lockdown imposed to combat the threat posed by the coronavirus pandemic has been extended to May 31.

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