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Karnataka Bank has informed the stock exchanges that Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.20 crore on it for divergence in respect of non-performing assets (NPAs) and non-adherence to income recognition and asset classification (IRAC) norms with reference to its financial position as on March 31, 2017 and March 31, 2018.
The bank’s statement to the stock exchanges said that as it had already made full provision for the event, there is no other financial impact other than the penalty amount.
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