Karnataka farmers will soon get Rs 2,000 under Pradhan Mantri Kisan Samman Nidhi Yojana: BSY

Agencies
August 3, 2019

Bengaluru, Aug 3: The Karnataka government on Friday announced that it will soon deposit the first instalment of an additional sum of Rs 2,000 under the Pradhan Mantri Kisan Samman Nidhi Yojana in the bank accounts of farmers.

"As many as 43.75 lakh declarations of farmers have been sent to Government of India under Pradhan Mantri Kisan Samman Nidhi Yojana. Out of this, Rs 634.50 crore has been credited to 31.72 lakh eligible farmers' accounts directly with Rs 6,000 each. Government of Karnataka will soon release Rs 2,000 as the first instalment to the accounts of these beneficiaries," Chief Minister BS Yediyurappa said. 

As the drought condition in the state is severe, Yediyurappa directed the officials to take up relief work like drinking water, fodder supply, employment guarantee schemes on a war footing.

To encourage fodder growing in farmers' lands, the Chief Minister suggested officials to purchase fodder grown by farmers at a cost of Rs 4,000 per ton, which is currently being purchased at Rs 3,000 per ton.

Since water conservation is the prime need of the hour, and Yediyurappa directed officials to take up check dam construction in a massive way in the state.

Steps have been taken to take up fill water at 10 barrages across Krishna river from Allamatti and Narayanapur Dams to meet water scarcity.

He also suggested officials to streamline food supply under the Anna Bhagya scheme and check irregularities.

Efforts are being made to streamline the administrative machinery and initiate stern action against officials who do not properly respond to public grievances.

The DCs and CEOs are told to visit every taluka at least once in 15 days and attend to public grievances. He directed senior officers including Chief Secretary to visit districts.

Chief Secretary will visit districts once in a month and secretaries will visit districts at least two times in a month and review progress and inspect works, he said.

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News Network
June 6,2020

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

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News Network
January 21,2020

Jan 21: Info Edge (India)'s shareholding in Zomato reduces to 22.71%; Uber receives 9.99% stake in Zomato.

Info Edge (India) announced that Zomato Media (Zomato) has signed a definitive agreement to acquire Uber's food delivery business in India (Uber) in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective 21 January 2020.

Upon closing of said acquisition, the company's shareholding in Zomato shall stand reduced to about 22. 71 % on fully converted & diluted basis.

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News Network
April 18,2020

Bengaluru, Apr 18: With 12 fresh cases of the COVID-19 infection, including one woman, the total number of novel coronavirus cases in Karnataka surged to 371 on Saturday.

The sources said that as many as three new positive cases were reported from Mysuru district, followed by two each from Kalaburagi, Bhagalkote, one each case from Vijayapura, Belagavi, Dharwad, Gadag and Mandya, districts on Saturday.

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