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☆ How Google CEO Sundar Pichai shook up his leadership team for the AI era
▼ + stars: | 2024-05-16 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

It came almost 12 months after Google combined two key AI groups, DeepMind and Google Brain. Google's AI MVPGoogle DeepMind CEO Demis Hassabis GoogleDemis Hassabis might be the most important person at Google right now. Then, in April last year, Pichai announced he would merge DeepMind with Google's in-house AI unit, known as Brain, into a supergroup named Google DeepMind. Reid reports directly to Raghavan, the ads and search senior vice president, and is shepherding a dramatic transition of Google Search. Fears of chatbots eating into Google's search dominance have yet to be realized, giving Google time to reinvent its most hallowed product.

Persons: —, Sundar Pichai, Pichai, Susan Wojcicki, Demis, Hassabis, Larry Page, DeepMind, OpenAI, it's, accrues, ED JONES, Rick Osterloh, Sameer Samat, he'll, Hiroshi Lockheimer, Osterloh, Prabhakar Raghavan, Siri, Tim Cook, Hiroshi, SAJJAD HUSSAIN, Liz Reid, Reid, Raghavan, Pandu Nayak, Venkatachary, It's, chatbots, Bernstein, Mark Shmulik Organizations: Service, Google, Business, Google's, BI, Research, Hassabis, Android, Apple, Apple's Vision, CNBC, Google Local Locations: Raxium

☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ 'Like brothers': rescued Indian tunnel workers stayed hopeful through ordeal
▼ + stars: | 2023-11-29 | by ( Saurabh Sharma | ) www.reuters.com time to read: +3 min

One of the trapped workers is checked out after he was rescued from the collapsed tunnel site in Uttarkashi in the northern state of Uttarakhand, India, November 28, 2023. They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi.

Persons: Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Organizations: REUTERS, Reuters, Authorities, YP, Thomson Locations: Uttarkashi, Uttarakhand, India, Rishikesh, Sukanti, Bhubaneswar

☆ 'Like Brothers': Rescued Indian Tunnel Workers Stayed Hopeful Through Ordeal
▼ + stars: | 2023-11-29 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. "For the first day or so, everyone inside was very hopeless and sad," worker Birendra Kishku, 39, told Reuters. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi. "My son was consoling me, telling me not to worry and assuring me that they would soon come out."

Persons: Saurabh Sharma CHINYALISAUR, Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Fahmy Organizations: Reuters, Authorities, YP Locations: India, Rishikesh, Sukanti, Bhubaneswar

The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements. "The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. Jindal Power and Go First's resolution professional did not reply to emails seeking comment. The Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Deutsche Bank (DBKGn.DE) are among the top creditors to the airline. Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.

Persons: Francis Mascarenhas, India's, Reuters Jindal, Jindal, Banks, Siddhi Nayak, Sarita Chaganti Singh, Miral Organizations: REUTERS, Rights, India's Jindal Power Ltd, Reuters, Jindal Power, Bankers, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Siddhi, Thomson Locations: Shivaji, Mumbai, India, Rights MUMBAI, Bank, BOB.NS, Delhi

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 16 (Reuters) - India's central bank on Thursday tightened norms for personal loans and credit cards, raising the risk of slowing loan growth. Reuters GraphicsRBI Governor Shaktikanta Das said last month the central bank was closely monitoring some fast-growing personal loan categories for signs of stress. Subsequently, Reuters reported that the RBI was particularly concerned with the surge in small personal loans and was considering tighter rules for such borrowings. Unsecured personal loans increased 23% from a year ago as of Sept. 22, 2023, while outstanding amounts on credit cards jumped nearly 30%, central bank data shows. "In particular, limits shall be prescribed for all unsecured consumer credit exposures," the central bank said.

Persons: Francis Mascarenhas, Dhananjay Sinha, Shaktikanta Das, Transunion, Systematix, Sinha, Siddhi Nayak, Ira Dugal, Shinjini Ganguli, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, NBFCs, Systematix Research, Reuters, Siddhi, Sethuraman NR, Thomson Locations: Mumbai, India, Reserve Bank of India, Bengaluru

Savings accounts are low interest rate-bearing deposits offered by Indian banks, forming a third of their total deposits. Public sector banks offer interest rates between 2.70% to 4% on savings deposits, while large private banks offer rates between 3% to 4.50%. Savings deposits rate of banks vs RBI's repo rateThe RBI has been nudging banks at meetings to raise savings deposit rates and may need to push them again if required, the same source said. The RBI said in its monetary policy report that while the increase in term deposit rates in the current tightening cycle has exceeded that in lending rates, savings deposit rates have remained almost unchanged. Yes Bank (YESB.NS), Kotak Mahindra Bank (KTKM.NS) and IndusInd Bank (INBK.NS) are among lenders that have recently said they have no plans to raise savings deposit rates.

Persons: Anushree, Siddhi Nayak, Swati Bhat, Nivedita Organizations: Reserve Bank of India, REUTERS, Rights, Savings, Reuters, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI

☆ Top private Indian banks report strong Q2 profit rise as loan growth continues
▼ + stars: | 2023-10-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

The bank's net interest income - the difference between interest earned and paid - rose nearly 24% to 183.08 billion rupees, while asset quality also improved. Kotak Mahindra Bank (KTKM.NS), the fourth largest Indian bank by market capitalisation, reported a 21% rise in loans for the second quarter, which contributed to a 24% increase in standalone net profit. Indian banks have consistently clocked double-digit loan growth over the past few months due to rising demand for credit, amid increased consumer spending. However, the banking regulator has been concerned about a sharp rise in unsecured loans - mostly personal loans and credit cards. "Although concerns (in the unsecured book) remain, they are not currently significant," said the bank's MD Prashant Kumar.

Persons: Dipak Gupta, Prashant Kumar, Siddhi Nayak, Clelia Oziel, Tomasz Janowski Organizations: ICICI Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI

☆ India completes crucial test in crewed space mission after delay
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +1 min

A security guard stands behind the logo of Indian Space Research Organisation (ISRO) at its headquarters in Bengaluru, India, June 12, 2019. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 21 (Reuters) - India on Saturday completed a key test in its ambitious crewed space mission Gaganyaan, hours after halting the planned lift-off, the Indian Space Research Organisation (ISRO) said. Mission Gaganyaan gets off on a successful note." ISRO has said it would explore ways to achieve a sustained human presence in space once Gaganyaan is completed. The Gaganyaan mission has been expected to launch from the country's main spaceport in Sriharikota before 2024, although a schedule had not been announced.

Persons: Francis Mascarenhas, Gaganyaan, Siddhi Nayak, Lincoln, William Mallard Organizations: Indian Space Research Organisation, ISRO, REUTERS, Rights, Siddhi, Thomson Locations: Bengaluru, India, Rights MUMBAI, Sriharikota

MUMBAI, Oct 21 (Reuters) - India's central bank has approved the appointment of veteran banker Ashok Vaswani as managing director and chief executive of Kotak Mahindra Bank (KTKM.NS), the private lender said in an exchange filing on Saturday. Vaswani's appointment comes after billionaire Uday Kotak, who founded Kotak Mahindra Bank, resigned as the MD and CEO last month in a surprise move, citing personal reasons. Dipak Gupta, currently the managing director and CEO, will carry out the chief executive duties until Dec. 31, the bank had said last month. "I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank," Kotak said in the filing, describing him as a "world class leader" with digital and customer focus. KVS Manian and Shanti Ekambaram, the two most senior bankers at Kotak Mahindra Bank, will remain on the board and keep their current roles, Gupta added.

Persons: Ashok Vaswani, Vaswani, Vaswani's, Uday Kotak, Dipak Gupta, Kotak, Gupta, KVS Manian, Shanti Ekambaram, Siddhi Nayak, Ira Dugal, William Mallard Organizations: Kotak Mahindra Bank, Citigroup Asia Pacific, Barclays, Reserve Bank of India, Kotak, Siddhi, Thomson Locations: MUMBAI

☆ In Antitrust Trial, Google Argues That Smart Employees Explain Its Success
▼ + stars: | 2023-10-18 | by ( Steve Lohr | More About Steve Lohr | ) www.nytimes.com time to read: 1 min

In its antitrust confrontation with the government, the pillar of Google’s defense has been that innovation — not restrictive contracts, backed by billions in payments to industry partners — explains its success as the giant of internet search. Its competitive advantage, it says, is brilliant people, working tirelessly to improve its products. Pandu Nayak, Google’s first witness in the antitrust trial that began last month, is the face of that defense. Mr. Nayak, a vice president of search, was raised in India and graduated at the top of his class at one of that nation’s elite technical schools. He came to America, earned his Ph.D. in computer science at Stanford University and then spent seven years as a research scientist on artificial intelligence projects at NASA’s Ames Research Center in Silicon Valley.

Persons: —, Pandu Nayak, Google’s, Nayak Organizations: Stanford University, NASA’s Ames Research Locations: India, America, Silicon Valley

The Justice Department has called witnesses who testified about Google's payments, billions of dollars annually, to smartphone makers and wireless companies to make Google search the default on devices, and win more users. Others testified how search dominance led to clout in online advertising, including the ability to quietly raise ad prices. He also testified about how Google used machine learning tools that it developed to improve its search. Nayak's discussions of improving search appeared to downplay the role that search query volume played, implicitly disagreeing with Microsoft (MSFT.O) CEO Satya Nadella's arguments that his company needed more search queries to improve its Bing search engine but was being blocked by Google. Nayak also testified that Google compared its results to answers from Microsoft's search engine Bing, and found Bing to be lower quality.

Persons: Eric Gaillard, Pandu Nayak, Satya Nadella's, Amit Mehta, Nayak, Bing, Diane Bartz, Marguerita Choy Organizations: REUTERS, Microsoft, WASHINGTON, Google, The, Thomson

☆ India's forex reserves drop for 5th week; fall to over 5-month low
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The RBI's stranglehold on the rupee via its persistent forex market intervention has kept volatility in the Indian unit low over the last few sessions. Apart from the central bank move, changes in foreign currency assets - expressed in dollar terms - also include the effects of appreciation or depreciation of other currencies held in the RBI's reserves. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in the 83.1650-83.2650 range. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bityl.co/LhHj)Reporting by Siddhi Nayak; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Siddhi Nayak, Janane Organizations: REUTERS, Rights, Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: India, Rights MUMBAI

☆ India's Go First airline gets expression of interest from Jindal Power - sources
▼ + stars: | 2023-10-11 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsMUMBAI, Oct 11 (Reuters) - Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters. "Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First. Go First's resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to Reuters requests for comment. However, the government amended its insolvency law earlier this month to exclude leased aircraft from assets that can be frozen, to bring India's bankruptcy laws into line with a treaty protecting the rights of foreign lessors. It is unclear whether the amended law would apply to Go First since its insolvency proceedings are still underway.

Persons: Adnan Abidi, Jindal, EoIs, Siddhi Nayak, Sarita Chaganti Singh, Devika Organizations: REUTERS, Rights, Jindal Power Ltd, Reuters, Jindal Power, Go, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Aircraft, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI, Bank, BOB.NS, Mumbai

☆ India's forex reserves drop for 4th week, fall to over 5-month low
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

That was a decrease of $3.8 billion from the previous week. India's forex reserves are "sizeable" and "very comfortable," RBI Governor Shaktikanta Das said on Friday, while reiterating that the central bank's intervention aims to prevent any volatility of the rupee's exchange rate. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in a range of 83.0225 and 83.2450. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PD1mzC)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ India central bank says 96% of 2,000-rupee notes returned, extends deadline by a week
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Sept 30 (Reuters) - The Reserve Bank of India (RBI) said on Saturday it would extend its deadline to return the country's highest denomination 2,000-rupee ($24) currency notes by a week to Oct. 7. The total value of 2,000-rupee notes in circulation was down to 140 billion rupees as of Sept. 29 from 3.56 trillion rupees as of May 19, the RBI said. The RBI said 96% of the 2,000-rupee currency notes had been returned as of Friday, worth 3.42 trillion rupees ($41.19 billion). The 2,000-rupee notes were introduced in 2016 to replenish currency in circulation after the government's shock move to demonetize the economy by scrapping other high-value banknotes. However, the central bank has frequently said that it wants to reduce high-value notes in circulation and stopped printing 2,000-rupee notes four years ago.

Persons: Siddhi Nayak, Giles Elgood Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ India's forex reserves fall to 4-month low
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Sept 29 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a third straight week and were at a four-month low of $590.70 billion as of Sept. 22, data from the Reserve Bank of India (RBI) showed on Friday. Reserves had fallen by a total of $5.9 billion in the prior two weeks. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had risen 0.2% against the dollar and traded in a range of 82.8225 and 83.2725. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PVt2Rv)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ Kevin McCarthy's House is the least productive in modern history — and it's not just because of divided government
▼ + stars: | 2023-09-27 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

The current GOP-run House is the least productive in modern history, according to a new analysis. It's not just due to divided government — McCarthy's House falls short of other similar periods. AdvertisementAdvertisementKevin McCarthy is leading the least productive House in modern history, according to an analysis of legislative data shared exclusively with Insider. According to the analysis, the average number of bills to pass the House during periods of divided government by September 19 is 299. "The extremists in the house run the show," said Nayak.

Persons: It's, —, Kevin McCarthy, MAGA, Navin Nayak, Joe Biden, McCarthy, that's, Barack Obama's, Spokespeople, Nancy Pelosi Organizations: GOP, Service, MAGA Republicans, Center for American Progress, CAP, Capitol, McCarthy's, Democratic Party, 118th, Infrastructure Law

NEW DELHI/MUMBAI, Sept 25 (Reuters) - India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters. The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount. Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme, the sources said. "The interest subvention will be credited upfront to the housing loan account of beneficiaries. Mails sent by Reuters seeking a response from the Ministry of Housing and Urban Development and the Ministry of Finance remained unanswered.

Persons: Banks, Narendra Modi, Modi, Sarita Chaganti Singh, Anil D'Silva Organizations: NEW, Reuters, Indian, Ministry of Housing, Urban Development, Ministry of Finance, Siddhi, Thomson Locations: NEW DELHI, MUMBAI, India, finalisation, New Delhi, Siddhi Nayak, Mumbai

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. The facility, announced in June, has been activated by large banks, including State Bank of India, the country's largest lender. Top private lender HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones, according to two people aware of the plans.

Persons: Danish Siddiqui, Sharat Chandra, Akhil Handa, Handa, Jaspreet Kalra, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Danish, Rights, Reserve Bank of India, UPI, State Bank of India, India Blockchain, HDFC Bank, Bank of Baroda, Thomson Locations: Mumbai, India, Rights MUMBAI, Siddhi

☆ India digital rupee transactions tracking below target - source
▼ + stars: | 2023-09-07 | by ( Siddhi Nayak | ) www.reuters.com time to read: 1 min

MUMBAI, Sept 7 (Reuters) - Transactions in the Indian digital rupee are averaging close to 18,000 a day, a source directly familiar with the matter said on Thursday, well below the target of hitting a million transactions a day by year-end. The source declined to be identified as he is not authorised to speak to the media. The central bank last year began pilot programmes to use the e-rupee in retail and wholesale markets as an alternative to cash. The RBI did not immediately respond to Reuters' email. Reporting by Siddhi Nayak; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Siddhi Nayak, Sonia Cheema Organizations: Reuters, Siddhi, Thomson Locations: MUMBAI

☆ India central-bank chief urges fintech firms to form a self-regulatory body
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference after a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation or SRO themselves. From the Reserve Bank, we are willing to engage with you," Das said while delivering the keynote address at the Global FinTech Fest 2023 (GFF). The other advantage is that all the aspects of regulation will not be burdened on the Reserve Bank." Reporting by Siddhi Nayak and Swati Bhat; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Amit Dave, Das, T, Rabi Sankar, Siddhi Nayak, Swati Bhat, Dhanya Ann Thoppil Organizations: Bank of India, Ministers, Central Bank governors, REUTERS, Rights, Financial, Reserve Bank of India, Reserve Bank, Global, Siddhi, Thomson Locations: Gandhinagar, India, Rights MUMBAI

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. The central bank is "keen that volumes of such trades go up" and "has assured the market that they will be ready to support banks with INR-AED trades," this banker said. "The RBI is telling banks to first encourage large clients and corporates to start INR-AED trades because their balance sheets are relatively stronger," another banker said.

Persons: Francis Mascarenhas, corporates, Siddhi Nayak, Jaspreet, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, United Arab, Reuters, Reserve Bank, Indian Oil Corp, Abu Dhabi National Oil Co, Siddhi, Thomson Locations: Mumbai, India, Rights MUMBAI, DELHI, United Arab Emirates, UAE, dirhams, Abu Dhabi

☆ India cenbank issues guidelines to regulate penal charges by banks
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. Penalty, if charged, should be treated as "penal charges" and not be levied as "penal interest" on the existing rate charged on loan, the Reserve Bank of India (RBI) said in a notification. The RBI also asked the banks to formulate a board-approved policy on penal charges or similar levies on loans. Further, the quantum of penal charges should be "reasonable" and "not discriminatory" within a particular loan or product category, the bank said. It also sought the lenders to disclose the quantum and reason for penal charges.

Persons: Francis Mascarenhas, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Siddhi, Thomson Locations: Mumbai, India

☆ State Bank of India first-quarter profit nearly triples to all-time high
▼ + stars: | 2023-08-04 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Rivals HDFC Bank (HDBK.NS) and ICICI Bank (ICBK.NS) have reported double-digit net interest income growth for the fiscal first quarter. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

Persons: Chowdhuri, Dinesh Kumar Khara, Khara, SBI's, Siddhi Nayak, Sonia Cheema Organizations: State Bank of India, REUTERS, Rivals HDFC Bank, ICICI Bank, Reserve Bank of India, Siddhi, Thomson Locations: Kolkata, India, MUMBAI, BENGALURU

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