Business
RBL Bank depositors protected, unanswered questions remain: AIBEA
Depositors of the RBL Bank Ltd need not worry about the safety of their money as Section 45 of Banking Regulation Act will protect their interests, said a top leader of All India Bank Employees’ Association (AIBEA).
He also said the branch expansion by RBL Bank within a short span of time — from 92 branches in 2010 to 196 in 2015 and 462 in 2021 — resulted in increased operational expenses, deposits as well as loans and finally the non-performing assets (NPA).
Allaying fears of RBL Bank depositors on the safety of their money C.H. Venkatachalam, General Secretary, AIBEA told IANS: “Section 45 of the Banking Regulation Act gives the depositors the necessary protection.”
As per Section 45 of the Banking Regulation Act, the Reserve Bank of India (RBI) has the power to apply to the Central Government for suspension of business by a banking company and to prepare a scheme of reconstitution of amalgamation.
It may be recalled, sometime back, Tamil Nadu based Lakshmi Vilas Bank (LVB) was amalgamated with DBS Bank when the former’s financial position went bad.
While the LVB shareholders did not get anything, the funds of the depositors were safe.
“The RBI may impose a moratorium and some other conditions on withdrawal of deposits when it amalgamates a weak bank with another. But the depositors will not lose out,” Venkatachalam said.
The RBI on its part said the bank’s financial condition is stable.
“As per half yearly audited results as on September 30, 2021, the bank has maintained a comfortable Capital Adequacy Ratio of 16.33 per cent and Provision Coverage Ratio of 76.6 per cent. The Liquidity Coverage Ratio (LCR) of the bank is 153 per cent as on December 24, 2021 as against regulatory requirement of 100 per cent,” the RBI said.
Venkatachalam and IANS had queries about the safety of depositors monies.
While agreeing growth is important for any organisation, Venkatachalam said it should be in a phased manner.
The basic business cycle for any organisation is grow-consolidate-grow-consolidate.
“The RBL Bank grew its branch network from 196 in 2015 to 462 in 2021. This increased the bank’s operational expenses as well as deposit base. Further the credit-deposit ratio too went up. Monitoring and recovering small loans is difficult for banks,” Venkatachalam said.
As per the Section 36AB, RBI can appoint additional directors in the interests of the bank or its depositors.
In the case of RBL Bank, the RBI said that appointment of Additional Director/s in private banks is undertaken under Section 36AB of the Banking Regulation Act, as and when it is felt that the board needs closer support in regulatory/ supervisory matters.
However, the big question is, if the financial condition is stable and strong, why did RBI appoint an additional director under Section 36AB of the Banking Regulation Act?
“What is bugging RBI about RBL Bank to warrant such a move,” Venkatachalam and other experts wondered.
According to Venkatachalam, the RBI nominee was already on the board of RBL Bank and what that person did should also be pondered about.
Business
New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know
TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.
The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.
The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.
The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.
The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.
TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.
Business
Jio network down: users are facing problems
Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.
The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.
Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.
Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.
There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.
Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.
Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.
More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.
Business
‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone
Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.
Trip To Vietnam For Apple
Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.
Now, with the latest launch, and X user has found a way to cut corners by taking a trip.
According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.
However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.
Savings Only iPhone 16 Pro
The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”
In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.
In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.
According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.
As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.
This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.
The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.
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