BUSINESS
RBI releases draft guidelines for digital lending to improve the experience for borrowers
LSPs — companies engaging in activities on behalf of banks or NBFCs in the manner of customer acquisition, underwriting, and loan recovery in the digital environment — form the target segment of the guidelines. In the meanwhile, it is noted that in certain cases, a regulated entity may also operate as an LSP.
xAI, Elon Musk’s AI company raise to $6 billion: Report
The firm, founded by the tech tycoon, is about 10 months old company by the tech billionaire, which has unveiled an AI chatbot called ‘Grok’, to the world. According to TechCrunch, citing some insider information, the deal is expected to be sealed in the coming weeks.
Won't divest stake in TikTok: Asserts Chinese Parent Company to US
In a social media post, ByteDance, the parent company of TikTok, stated that it has no intention of selling its stake in TikTok, thus responding to earlier reports by The Information that ByteDance was reportedly considering selling its US operations.
CEO of Kotak Mahindra Bank Proactively Resolving RBI's Concerns
Vaswani's statement shared on Kotak Mahindra Bank's official social media sites declared that the bank is in constant discussion with the RBI to address any concerns that come up.
India remains 'one of the most challenging' major economies in Intellectual Property protection and enforcement: US
Moreover, as happens in other countries, such as Argentina, Chile, China, Indonesia, Russia, and Venezuela, India too has found itself included in the 2024 Special 301 Report concerning the adequacy and effectiveness of US trading partners' protection and enforcement of IP rights published by the US Trade Representative.
ACC Limited, Part of Adani Group, Achieves Record Annual Profit of Rs 2,337 Crore in FY24
The operating EBITDA of ACC during Q4 grew massively by a whopping 79 percent and stood at Rs 837 crore as per the release. The key parameters driving this commendable performance, as informed by ACC Limited, include improved turnaround in volume, cost efficiencies, and improved operational parameters across the board.
Indian Rupee Set to Strengthen to Rs 82–82.50 in FY25, CARE Ratings
Despite a slight easing of concern over Iran–Israel tension, emerging market currencies, including the Indian rupee, continued to face the impact of the strength of the US dollar. The chief economist said that the rupee stayed relatively strong compared to some emerging markets and Asian peers this year. However, it could be due to interventions by the Reserve Bank of India.
RBI Warns Public About Unauthorized Prepaid Payment Instruments
The RBI warns, while being categorical, that it be cautioned to act carefully while interacting with websites or apps and not make commitments of funds with unauthorized entities. It is important for consumers to confirm that any platforms or companies they interact with are officially sanctioned to perform the services they offer.
RBI Restricts Kotak Mahindra Bank from Online Customer Onboarding, New Credit Card Issuance
The RBI said are warranted on the basis of grave concerns emerging from the Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on the part of the bank in taking adequate action to address these concerns in a comprehensive and timely manner.
Axis Bank Records Net Profit of Rs 7,130 Crore in January-March Quarter
Some of the major highlights of the quarter include the bank's net interest income. It did witness a healthy growth of 11.47 percent, amounting to Rs 13,089 crore, in comparison to Rs 11,742 crore of the corresponding period of the previous year. This shows the bank has effectively managed its lending activities and deposit interest payments.
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