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The team is working towards a June 30 launch deadline, and has been testing the underlying voice technology, dubbed "Remarkable Alexa," with 15,000 external customers, these people said. Internally, however, Amazon isn't satisfied with the performance of the new Remarkable Alexa yet. But the new Remarkable Alexa follows a more centralized structure, where language understanding and response generation use a single language model. The Classic Alexa team, for example, wants to protect their work by insisting on using what they built for the old Alexa, one of the people said. In addition to the subscription-based Alexa, Amazon is also working on a new Alexa product that can be used within a web browser, people familiar with the project told BI.
Persons: Alexa, Dave Limp, Rohit Prasad Organizations: Business, Alexa, Google, Apple, Intelligence, Amazon, Alexa Plus, Reuters
New York CNN —The Consumer Financial Protection Bureau on Wednesday said it is proposing a rule that would curb excessive overdraft fees charged to customers of large banks and credit unions, potentially saving consumers as much as $3.5 billion a year. Too often, the consumer watchdog agency has noted, bank customers are surprised by overdraft fees and those who can least afford them are charged the most frequently. Annual overdraft fee revenue in 2019 was an estimated $12.6 billion,” CFPB said. Today, big banks have made many modifications to their overdraft practices, effectively lowering their overdraft revenue to roughly $9 billion a year. The CFPB rule would lower that amount further by requiring big banks and credit unions to be as forthcoming about the terms of extending an overdraft loan as they are for other lending products.
Persons: , Rohit Chopra, CFPB, ” CFPB Organizations: New, New York CNN, Consumer Financial, Biden Administration Locations: New York, United States
According to research conducted by Bankrate last August, the average overdraft fee was $26.61. The CFPB has signaled for months that it planned to curtail the collection of overdraft fees, with regulators making statements and the bureau putting out research that shows overdraft fees overwhelmingly impact the poor and households of color, who often overdraft multiple times a year. The rules spare small banks and credit unions, some of which rely disproportionately on overdraft fees. Overdraft fees have been a financial bonanza for the banking industry, with the CFPB estimating that banks collected $280 billion in overdraft fees in the last 20 years. While overdraft fees have fallen in recent years, a Bankrate survey found that 91% of bank accounts still can charge overdraft fees.
Persons: Biden, Banks, Overdraft, Joe Biden, Bankrate, , Rohit Chopra, rebuff, Charles Schwab Organizations: White, Consumer Financial Protection Bureau, Truist, Bank of America, Associated Press, Charles, Charles Schwab Foundation, Inc, AP
NEW YORK (AP) — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. While banks have drastically cut back on overdraft fees in the past decade, the nation's biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records. Political Cartoons View All 253 ImagesBanks charge a customer an overdraft fee if their bank account balance falls below zero. What started off as a courtesy offered to some customers, the popularity of debit cards beginning in the 1990s led to Americans wracking up tens of billions of dollars in overdraft fees. While big banks have cut back on overdraft fees, smaller banks have not, and a number of them heavily rely on overdrafts to be profitable, industry analysts said.
Persons: Biden, “ It's, Joe Biden, , Greg McBride, , Aaron Klein, ” Klein, Rohit Chopra, ” Chopra, Chopra, Barack Obama, Carter Dougherty, overdrafts, can’t Organizations: Consumer Financial, Biden Administration, Federal Trade Commission, Bank of America, Banking, Bankrate, Brookings Institution, Armed Forces Bank, Republican, Trump Administration, American Bankers Association, Financial Reform
Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. When student loan servicers make errors by cutting corners or sidestepping the law, it can "pose serious risks to individuals and the economy," said Consumer Financial Protection Bureau Director Rohit Chopra. Borrowers experienced long phone hold times with their servicers, significant delays in the processing of their repayment applications, and inaccurate and untimely billing statements, the bureau found. The U.S. Department of Education announced Friday that it would withhold payments to three student loan servicers as part of its efforts to hold the companies accountable. "Today's actions make clear that the Biden-Harris Administration will not give student loan servicers a free pass for poor performance and missteps that jeopardize borrowers," Secretary of Education Miguel Cardona said in a statement.
Persons: Rohit Chopra, servicers, Mark Kantrowitz, Harris, Education Miguel Cardona Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, U.S . Department of Education, Finance, Biden, Harris Administration, Education Locations: Washington ,, EdFinancial, Nelnet
The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.
Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota
REUTERS/Mike Segar Acquire Licensing RightsDec 1 (Reuters) - Some leading U.S. obesity specialists say they expect Eli Lilly’s (LLY.N) powerful weight-loss drug Zepbound will produce the same or similar heart benefits as Novo Nordisk’s (NOVOb.CO) popular Wegovy as they belong to the same class of medicines. In Novo's pivotal Wegovy trial involving 17,604 overweight and obese people without diabetes, the drug reduced incidence of heart attack, stroke or heart-related death by an impressive 20%. The product, which has the same active ingredient - tirzepatide - as its previously approved diabetes drug Mounjaro, is expected to start shipping it before the end of the year. They said they would readily prescribe Wegovy (semaglutide) if their patients' insurance did not cover Lilly’s drug, or if future trial results do not produce similar heart benefits. Lilly declined to comment on doctors' views that Zepbound might have the same or similar cardiovascular benefits as Wegovy.
Persons: Eli Lilly, Mike Segar, Eli Lilly’s, Lilly, Danish drugmaker, Edmond Wickham, Emily, Zepbound, Tirzepatide, , Rohit Kedia, Novo, Chad Weldy, semaglutide, tirzepatide, Farxiga, Boehringer Ingelheim, Lilly’s Jardiance, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: Company, REUTERS, Novo, Wegovy, Virginia Commonwealth University . The, Virginia Commonwealth University . The U.S . Food, Drug Administration, Wall Street, Barclays, Providence, Stanford University, Thomson Locations: Branchburg , New Jersey, Danish, Virginia Commonwealth University . The U.S, Zepbound, U.S
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Bank of America did not admit or deny wrongdoing in accepting the civil fine, which covered alleged conduct between 2016 and 2021. "We will be taking additional steps to ensure that Bank of America stops breaking the law," CFPB Director Rohit Chopra said in a statement, without elaborating. It also said it has improved training to ensure that employees ask mortgage applicants for the data. According to its latest quarterly report, Bank of America's consumer lending business originated $15.5 billion of first mortgages between January and September, down 61% from a year earlier when interest rates were lower.
Persons: Carlo Allegri, Rohit Chopra, Jonathan Stempel, Aurora Ellis Organizations: of America, REUTERS, Bank of America, U.S, Consumer Financial, Bank of, Thomson Locations: Manhattan, New York City , New York, U.S, Charlotte , North Carolina, New York
A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016. WASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false mortgage lending data to the federal government. "Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades," CFPB director Rohit Chopra said in a statement. According to a CFPB consent order, Bank of America violated part of the 1975 Home Mortgage Disclosure Act (HMDA) that requires lenders to accurately report demographic data about mortgage applications to financial regulators. The firm also employed over 4,500 loan officers, and averaged over 300,000 mortgage loan applications per year between January 2016 and the present day, the CFPB said.
Persons: Rohit Chopra, , Biden, Bill Halldin, Halldin Organizations: Bank of America Corp, WASHINGTON, Consumer Financial, Bank of America, of America, Justice Department Locations: Charlotte , North Carolina
The machine broke at a joint and some parts are being cut so it can be pulled from the tunnel. Sunita Hembrom, who spoke to her trapped brother-in-law Birendra Kishku, 39, said that "everyone trapped inside is very worried". A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. The rescue plan involves pushing a pipe wide enough to pull the trapped men out on wheeled stretchers. Rescue workers rehearsed the evacuation by going into the pipe and being pulled out on stretchers, a video clip provided by the authorities showed.
Persons: Stringer, Sunita Hembrom, Birendra Kishku, Rohit Gondwal, Narendra Modi's, Saurabh Sharma, Krishn Kauhsik, Jacqueline Wong Organizations: REUTERS, Authorities, Reuters, Thomson Locations: Uttarkashi, Uttarakhand, India
By Saurabh SharmaSILKYARA, India (Reuters) - Efforts to rescue 41 workers trapped in a highway tunnel in the Indian Himalayas for two weeks will be further slowed as rescuers are considering drilling through the last 10 meters of debris manually, an official said on Saturday. The machine broke at a joint and some parts are being cut so it can be pulled from the tunnel. Sunita Hembrom, who spoke to her trapped brother-in-law Birendra Kishku, 39, said that "everyone trapped inside is very worried". The rescue plan involves pushing a pipe wide enough to pull the trapped men out on wheeled stretchers. Rescue workers rehearsed the evacuation by going into the pipe and being pulled out on stretchers, a video clip provided by the authorities showed.
Persons: Saurabh Sharma SILKYARA, Sunita Hembrom, Birendra Kishku, Rohit Gondwal, Narendra Modi's, Saurabh Sharma, Krishn Kauhsik, Jacqueline Wong Organizations: Authorities, Reuters Locations: India, Uttarakhand
Chapter 6: Struggle and Hope
  + stars: | 2023-11-25 | by ( Emily Schmall | Amanda Taub | Shalini Venugopal Bhagat | ) www.nytimes.com   time to read: +1 min
There are moments in life that stick in memory as a fulcrum between before and after. Rohit, Arti’s new husband, was with her, his presence a tangible sign of his support. But even as Arti awaited the starting gun, the crowd of candidates beside her made painfully clear how much competition she faced. So many candidates had traveled to the exam site, on a remote campus in Uttar Pradesh State, that there was nowhere to house them all. Arti, Rohit and Meena had slept in a local gurudwara, a Sikh place of worship, packed in with the other hopefuls and their chaperones.
Persons: Arti Kumari’s, Meena, Rohit, Arti’s, Arti Organizations: Uttar Pradesh State Locations: Uttar Pradesh
Pushkar Singh Dhami, chief minister of Uttarakhand state said on Saturday the damaged drilling machine would be taken out by Sunday morning, allowing manual drilling to start. On Saturday morning the trapped workers, all migrants, were "very worried", said Sunita Hembrom, whose brother-in-law Birendra Kishku, 39, is in the tunnel. A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. The rescue plan involves pushing a pipe wide enough to pull the trapped men out on wheeled stretchers. Rescue workers rehearsed the evacuation by going into the pipe and being pulled out on stretchers, a video clip provided by the authorities showed.
Persons: Shankar Prasad Nautiyal, Pushkar Singh Dhami, Syed Ata Hasnain, Sunita Hembrom, Birendra Kishku, Rohit Gondwal, Narendra Modi's, Saurabh Sharma, Krishn Kauhsik, Jacqueline Wong, Mark Potter Organizations: REUTERS, Authorities, National Disaster Management Authority, Thomson Locations: Uttarkashi, Uttarakhand, India
"I am very proud of what this organization has already delivered for Alexa and AGI," Prasad added. Amazon's AGI team wasn't launched in response to this drama. The change also follows last week's job cuts within the AGI team, as BI previously reported . The cuts were part of a broader layoff that primarily affected Amazon's Alexa team. These are the six new teams formed within the AGI unit, as per the internal email:• AGI Product: defines AGI services and engages with internal customer teams to ensure end-to-end success.
Persons: Amazon's, Rohit Prasad, Prasad, Sam Altman, that's, Altman wasn't, didn't, wasn't, Andy Jassy, AGI, It's, Organizations: Alexa, Devices, Business, Microsoft, Google, AGI, Amazon, TV
WASHINGTON — The U.S. financing arm for Toyota was fined $60 million Monday by a federal consumer regulator for preventing car buyers from canceling add-ons to their loans. "Toyota's lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports," said Consumer Financial Protection Bureau Director Rohit Chopra. Toyota Motor Credit Corp., or TMCC, violated the Consumer Financial Protection Act by preventing customers from canceling loan add-ons that cost on average between $700 and $2,500 per loan, according to a consent order. TMCC is ordered to pay $48 million in consumer redress and a $12 million civil money penalty to the CFPB's victims relief fund. "Given the growing burdens of auto loan payments on Americans, we will continue to pursue large auto lenders that cheat their customers," Chopra said.
Persons: WASHINGTON, Rohit Chopra, Chopra, Vincent Bray Organizations: Toyota, Financial, Toyota Motor Credit Corp, Consumer Financial, Bureau, Toyota Financial Services, CNBC Locations: The U.S
A group of student-loan borrowers who attended boot camp Prehired are getting $30 million in debt relief. The CFPB sued Prehired over the summer, accusing it of offering "illegal" income-share agreements. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMore student-debt relief is on the way for a group of borrowers who attended a tech boot camp. "Today's action with our state partners ensures that borrowers harmed by Prehired can receive redress and have their illegal loans canceled."
Persons: Prehired, , Rohit Chopra Organizations: Service, Consumer Financial, Delaware's Justice Department
AHMEDABAD, India (AP) — Australia won the Cricket World Cup for a record-extending sixth time Sunday, ending India’s dominant run in its home tournament with a six-wicket victory in a low-scoring final on the back of Travis Head’s 137. A heavily pro-Indian crowd inside the 132,000-capacity Narendra Modi Stadium was silenced as Head combined with Marnus Labuschagne (58 not out ) in a 192-run partnership to chase down the target of 241. Head was dismissed off what proved to be the next-to-last ball of the match, caught in the deep while attempting to hit a title-clinching boundary. In came Glenn Maxwell and he ran two off his first ball, securing a victory that prompted fireworks above the world’s largest cricket venue. Australia finished the tournament with a run of nine straight wins, after starting with back-to-back defeats to India and South Africa.
Persons: Travis Head’s, Narendra Modi, Marnus Labuschagne, Glenn Maxwell, Virat Kohli, Lokesh Rahul, Ricky Ponting, Adam Gilchrist –, Rohit Sharma, ___ Organizations: — Australia, Cricket, Indians Locations: AHMEDABAD, India, Australia, South Africa
[1/21] Cricket - ICC Cricket World Cup 2023 - Final - India v Australia - Narendra Modi Stadium, Ahmedabad, India - November 19, 2023 Australia's Pat Cummins celebrates with the trophy and teammates after winning the ICC Cricket World Cup REUTERS/Adnan Abidi Acquire Licensing RightsAHMEDABAD, India, Nov 19 (Reuters) - Australia won a record-extending sixth 50-overs World Cup title after opener Travis Head smashed a magnificent century to fashion their six-wicket victory in Sunday's final against the tournament's form team India. "What we've achieved today is unbelievable," a teary-eyed Marnus Labuschagne, who combined with Head in a match-winning partnership of 192, said. "India have been the team of the tournament, but you knew if you play your best cricket, you have a chance." Head ran backwards from cover to take a tumbling catch to get rid of the India captain. Australia wicketkeeper Josh Inglis took five catches, which is a record in a World Cup final.
Persons: Narendra Modi, Pat Cummins, Adnan Abidi, Travis Head, Virat Kohli, Labuschagne, Pat Cummins's, Rohit Sharma, Shubman Gill, Rohit, Glenn Maxwell, Kohli, Mitchell Starc, Cummins, Shreyas Iyer, Rahul, Josh Inglis, Mohammed Shami, David Warner, Bumrah, Mitchell Marsh, Steve Smith, Gill, Mohammed Siraj, Travis, Amlan Chakraborty, Pritha Sarkar Organizations: Cricket, ICC Cricket, Narendra, ICC Cricket World, REUTERS, Rights, Australia, Sunday's, India, KL Rahul, KL, Virat, Thomson Locations: India, Australia, Ahmedabad, Rights AHMEDABAD
AHMEDABAD, India, Nov 19 (Reuters) - Australia skipper Pat Cummins said Sunday's World Cup final win over India that earned his nation a record-extending sixth title in the format marked the pinnacle of a spectacular 2023 season for the team. "That's huge, I think that's the pinnacle of international cricket, winning a one-day World Cup. And yeah, it's just the whole cricket world stops with this World Cup. To win a World Cup in India, it's been a fantastic eight weeks. The World Cup's got such rich history, I'm sure it's going to be around for a long time," Cummins added.
Persons: Pat Cummins, Rohit Sharma's, Cummins, It's, it's, Mitchell Starc, masterminding, Pat, Starc, That's, gee, Australia's, Shrivathsa Sridhar, Toby Davis Organizations: India, Cummins, England, Australia, Thomson Locations: AHMEDABAD, India, Australia, Ahmedabad
CNN —For host nation India, this Cricket World Cup has been laden with layers of expectation, pressure and history from the very start. And their tournament will come full circle on Sunday when it faces Australia in the final, 45 days after they played each other in the tournament’s opening game. Rohit Sharma and India are unbeaten so far in this tournament. (India) have been the best in the tournament so far,” Australia’s Mitchell Starc said ahead of the final, according to Reuters. Fans in India will be able to watch on Star Sports Network while those in Australia can tune in to Fox Sports and Kayo.
Persons: Rohit Sharma, Robert Cianflone, ” Australia’s Mitchell Starc, Narendra Modi, Pat Cummins, “ You’ve, , Rahul Dravid, Kuldeep Yadav, Ravindra Jadeja, Virat Kohli, Sachin Tendulkar’s, Glenn Maxwell’s Organizations: CNN, Reuters, ” Cricket, , ICC, New Zealand, ESPN, Star Sports Network, Fox Sports Locations: India, Australia, South Africa, Indian, Ahmedabad, ” Australia, Afghanistan, USA
U.S. oversight of Big Tech financial services is fragmented. The CFPB rule would toughen up supervision, requiring Big Tech to comply with its rules on privacy protections, executives' conduct and unfair and deceptive practices. Without regulatory scrutiny, they could leverage their growing dominance of consumer payments to capture other services like lending and card issuing, analysts said. 'LEG UP'Representatives for Big Tech have accused the CFPB of trying to protect traditional lenders. While Big Tech companies have deep pockets and plenty of resources to handle the new scrutiny, the rule could limit how they use and protect consumer data.
Persons: Dado Ruvic, Rohit Chopra, Todd Phillips, Dodd, Frank, It's, Paige Pidano Paridon, Chopra, John Coleman, Hannah Lang, Stephen Nellis, Michelle Price, Richard Chang Organizations: Apple, REUTERS, Wall, Big Tech, Consumer Financial Protection Bureau, Google, Georgia State University, PayPal, Federal, McKinsey, Bank, BPI, Banks, Representatives, Big, Herrington, Thomson Locations: U.S, Washington
Amazon's Alexa business is laying off "several hundred" employees, including those on its recently launched artificial general intelligence team, Business Insider has learned. Rohit Prasad, SVP of the Artificial General Intelligence team, followed up with a separate email, saying his team, which launched in July, would be impacted as well. "While this was a hard decision to make, we remain very optimistic about the future of Alexa," an Amazon spokesperson told BI. The move continues to impact Amazon's Alexa unit, which has suffered from slow growth and low morale in recent years. The move continues to impact Amazon's Alexa unit, which has suffered from slow growth and low morale in recent years.
Persons: Amazon's, Daniel Rausch, it's, Rausch, Rohit Prasad, Prasad, Geekwire, Dave Limp, Alexa, Panos Paney, OpenAI's ChatGPT, Andy Jassy, Eugene Kim Organizations: Alexa, Business, Fire, BI, Artificial General Intelligence, Amazon, Microsoft
Australia pick up the pace before India showdown
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
Nov 17 (Reuters) - Australia head into their World Cup decider against India with all pieces in place following a devastating return to form of their vaunted pace attack in the South Africa semi-final. "It's probably not been the tournament I would have liked from the get-go," Starc told reporters. "It's huge, and the bigger the game the more important it becomes," said Hazlewood of capturing early wickets. Australia beat England in Ahmedabad on a pitch which Hazlewood described as good "without being an absolute flat track". He said he expected similar for the final but was confident Australia's quicks would be able to deal with any conditions.
Persons: Mitchell Starc, Josh Hazlewood, Pat Cummins, Starc, Hazlewood, legspinner Adam Zampa, India's peerless, It's, Pace, Aaron Finch's, Glenn Maxwell, Australia's quicks, Zealand's pacemen, Rohit Sharma, Shubman Gill, Kohli, Shreyas Iyer, We've, they've, we've, Ian Ransom Organizations: India, United Arab Emirates, UAE, New, Australia, England, Thomson Locations: Australia, South Africa, Kolkata, New Zealand, Mumbai ., India, Mumbai, Ahmedabad, Melbourne
India arrived at the Wankhede Stadium, where they lifted their second and last World Cup trophy in 2011, looking invincible, winning all nine round-robin matches without any stiff challenge, including a four-wicket win over New Zealand. India had also exited the 2015 edition of the 50-over World Cup at the semi-final stage with a defeat to Australia. "Today being the semi-finals, I wouldn't say that there was no pressure," India captain Rohit Sharma told host broadcaster Star Sports, adding that the team wanted to treat the match as just another round-robin game. "Whenever you play the game, there is always pressure, and obviously, semi-final adds a bit of extra there. Sharma will be hoping that his team leave the mistakes behind as they head Ahmedabad for Sunday's final where they will meet either Australia or South Africa.
Persons: Adnan Abidi, Kane Williamson's, Rohit Sharma, Daryl Mitchell, Williamson, Sharma, Mohammed Shami, Ravindra Jadeja, We've, Sudipto Ganguly Organizations: Cricket, ICC Cricket, New Zealand, Wankhede, Rights, India, New, Black Caps, Star Sports, Shami, Sunday's, Thomson Locations: India, New, Mumbai, Rights MUMBAI, New Zealand, Ahmedabad, Australia, South Africa
The venue, where India won their last 50-overs World Cup title, has hosted four day-night contests so far at this tournament with three of those being won by the team batting first. Australia were the only team to win batting second at the ground after Glenn Maxwell hit an unbeaten double hundred. India have looked invincible so far, winning all nine of their round robin matches including a four-wicket victory over the Black Caps in Dharamsala. New Zealand, however, defeated India at the same stage of the 2019 edition. Reporting by Sudipto Ganguly; editing by Peter Rutherford and Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.
Persons: India's Virat Kohli, Devon Conway, Tim Southee REUTERS, Adnan Abidi, Virat Kohli, Kohli's, Sachin Tendulkar, Lockie Ferguson, Kohli, Tendulkar, David Beckham, Tim Southee, Shreyas, Rohit Sharma, Shubman Gill, Gill, Glenn Maxwell, Sudipto Ganguly, Peter Rutherford Organizations: Cricket, ICC Cricket, New Zealand, Wankhede, Rights, England, India, Black, Christian, Thomson Locations: India, New, Mumbai, Rights MUMBAI, Australia, Dharamsala . New Zealand, South Africa, Eden, Ahmedabad
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