Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.20 crore on Karnataka Bank for divergence in respect of NPAs and non-adherence to IRAC norms with reference to financial position as on March 31, 2017 and March 31, 2018. As Bank had already made full provision, there is no other financial impact other than the penalty amount.
Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.
