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In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

With the first day of Navratri today (October 3), the festive season in India has officially begun. Each year, various platforms offer intriguing offers around this time and this year is no different. Apple also has some special offers in store for its Indian fans and has kick-started its Diwali 2024 sale today. If you have been thinking to buy the new iPhone or wish to get your hands on the latest <keyword id="19900628" type="General" weightage="20" keywordseo="macbook" source="keywords">MacBook</keyword>, now might be the time. There are a lot of options to choose from and you can enjoy savings across Apple's premium product lineup. Among the key highlights is an instant cashback of up to ₹10,000, available on a wide range of Apple products. For those with American Express, Axis Bank, or ICICI Bank cards, this cashback can be availed instantly at checkout. Furthermore, customers can spread their payments with up to 12 months of No Cost EMI, making the purchase of Apple’s high-end devices even more manageable. <h2>iPhone Deals </h2> The iPhone range is one of the sale’s main attractions. Customers opting for the iPhone 16 Pro or iPhone 16 Pro Max can enjoy an instant cashback of ₹5,000. Similarly, those choosing the iPhone 16 or the iPhone 16 Plus will benefit from the same ₹5,000 discount. For individuals looking for a slightly more affordable option, the iPhone 14 and iPhone 14 Plus come with ₹3,000 cashback, while the iPhone SE offers ₹2,000 off. <h2>MacBook and Mac Discounts </h2> Apple’s MacBook line-up also sees attractive discounts. The latest MacBook Air models, featuring the M3 chip in both 13-inch and 15-inch versions, are available with a cashback of ₹10,000. If you’re looking at the earlier MacBook Air (M2 chip), you can save ₹8,000 instantly. Larger purchases such as the MacBook Pro (14-inch and 16-inch), the Mac Studio, and the iMac 24-inch all come with an appealing ₹10,000 cashback. Meanwhile, the Mac mini is available with a ₹4,000 discount. <h2>iPad Offers </h2> For tablet users, Apple’s iPad range also includes some enticing offers. The iPad Pro, available in 11-inch and 13-inch sizes, provides a cashback of ₹6,000. The iPad Air, also available in 11-inch and 13-inch sizes, offers a ₹4,000 instant discount. Buyers of the standard iPad can benefit from ₹2,500 cashback, while the compact iPad mini is on offer with ₹3,000 cashback. <h2>AirPods Promotions </h2> Fans of Apple’s audio products are not left out, as the AirPods range sees notable discounts too. The AirPods Pro are available with ₹2,000 cashback, while the AirPods 4 offer ₹1,500 off. For those opting for the AirPods 4 with Active Noise Cancellation, there’s a ₹1,500 instant discount. Meanwhile, Apple’s premium AirPods Max headphones are being sold with a significant ₹4,000 cashback. <h2>Free Beats Solo Buds </h2> Apart from cashback, Apple is also giving away Beats Solo Buds for free. If you purchase an iPhone 15 from an Apple store, you can get your hands on the buds at no cost. However, this offer is only valid till tomorrow (October 4) so you better hurry. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">More savings with Apple's trade-in programme </h2> Adding to the appeal, Apple’s Trade-In programme allows users to exchange their old devices for a discount on their new purchases. This, coupled with the cashback, makes for a compelling offer for those planning an upgrade. Additionally, with select purchases, Apple is providing three months of Apple Music, Apple TV+, and Apple Arcade subscriptions at no extra cost. With these offers, Apple’s Diwali Sale 2024 provides an excellent chance for customers to grab their desired devices at a lower price point. Whether you're upgrading or looking for gifts, this limited-time sale brings significant value, especially with the combined benefits of cashback, EMI options, and trade-in deals. For more information, you can head to Apple’s official website.

Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

It was already a hectic day when my <keyword id="19996817" type="General" weightage="20" keywordseo="insurance" source="keywords">insurance</keyword> broker left a frantic voicemail telling me that my homeowner's insurance had lapsed. I felt nauseous and naked. Suddenly, any leak, fire, or tree branch falling onto the hundred-year-old Hudson Valley house that's been in my family for nearly 40 years could <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-meltdown-rebound-fed-japan-interest-rate-decision-emergency-2024-8">wipe out</a> my bank account. I spiraled in shame. How did I let this happen? Did I forget to update a <a target="_blank" class="" href="https://www.businessinsider.com/credit-card-rewards-points-friends-fights-brunch-money-payment-venmo-2024-7">credit card</a>? Did I miss a bill? Did I do something wrong with the policy? But when I checked my records, even the <keyword id="20508386" type="General" weightage="20" keywordseo="Travelers" source="keywords" meta.keywordsubtype="org" meta.entityname="Travelers" meta.hostid="261" meta.entityid="Travelers">Travelers</keyword> website, there was nothing. A few hours later, my panic turned to bewilderment. When I finally reached my insurance broker, he told me the reason Travelers revoked my policy: AI-powered aerial <keyword id="19942081" type="General" weightage="20" keywordseo="surveillance" source="keywords">surveillance</keyword>. My finances were imperiled, it seemed, by a bad piece of code. I take privacy and surveillance extremely seriously — so seriously that I started one of the leading <a target="_blank" class="" href="https://www.stopspying.org/">think tanks</a> on the topic, the Surveillance Technology Oversight Project. But while I study <a target="_blank" class="" href="https://www.businessinsider.com/amazon-walmart-warehouse-surveillance-employees-oxfam-report-2024-4">surveillance</a> threats around the country for a living, I had no idea that my own insurance company was using my premium dollars to spy on me. Travelers not only uses <a target="_blank" href="https://www.travelers.com/about-travelers/technology-analytics/data-driven-and-powered-by-ai">aerial photography and AI</a> to monitor its customers' roofs, but also <a target="_blank" href="https://ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240005470">wrote patents on the technology</a> — nearly 50 patents actually. And it may not be the only insurer spying from the skies. This didn't just feel creepy and invasive — it felt wrong. Literally wrong: There was nothing wrong with my <keyword id="20715650" type="General" weightage="20" keywordseo="roof" source="keywords">roof</keyword>. I'm a lazy homeowner. I hate gardening, and I don't clean as often as I should. But I still take care of the essentials. Whether it's upgrading the electrical or installing a new HVAC, I try to make sure my home is safe. But to Travelers' <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, it appeared, my laziness was too big a risk to insure. Its algorithm didn't detect an issue with the foundation or a concern with a leaky pipe. Instead, as my broker revealed, the ominous threat that canceled my insurance was nothing more than moss. Where there's moisture, there's moss, and if you leave a huge amount of it on a roof for a protracted period, it can undermine the roof's lifespan. A small amount is largely harmless. Still, treating it couldn't be simpler. Sure, I could have knocked out the moss sooner, but life was busy, and so it kept falling (and growing) between the cracks. Finally, in June, weeks before I knew my roof was being surveilled, I went to the hardware store, spent 80 bucks on moss killer, hooked the white bottle of chemicals up to the garden hose, and sprayed it on the roof. The whole thing took about five minutes. A few days later, much to my relief, the moss was dying. I thought it was the end of an entirely unmemorable story. Who knows. Maybe if I'd done that a month sooner, Travelers' technology never would have flagged me, never would've said I was an insurance risk. But one of the deep frustrations of the AI-surveillance age is that as companies and governments track ever more of our lives in ever more detail, we rarely know we're being watched. At least not until it's too late to change their minds. While there's no way to know exactly how many other Travelers customers have been targeted by the company's surveillance program, I'm certainly not the first. In February, Boston's ABC affiliate reported on a customer who was threatened with nonrenewal if she didn't replace her roof. The roof was well within its life expectancy, and the customer hadn't encountered any issues with leaks; still, she was told that without a roof replacement she wouldn't be insured. She said she faced a $30,000 bill to replace a slate roof that experts estimated could have lasted another 70 years. Insurers have every incentive to be overly cautious in how they build their AI models. No one can use AI to know the future; you're training the technology to make guesses based on changes in roof color and grainy aerial images. But even the best AI models will get a lot of predictions wrong, especially at scale and particularly where you're trying to make guesses about the future of radically different roof designs across countless buildings in various environments. For the insurance companies designing the algorithms, that means a lot of questions about when to put a thumb on the scale in favor of, or against, the homeowner. And insurance companies will have huge incentives to choose against the <a target="_blank" class="" href="https://www.businessinsider.com/why-are-new-homes-ugly-construction-builders-design-materials-architecture-2024-7">homeowner</a> every time. Think about it: Every time the <a target="_blank" class="" href="https://www.businessinsider.com/ai-quietly-picking-your-pocket-with-personalized-pricing-2024-7">AI gives the green light</a> to a roof that actually has something wrong, the insurance company picks up the bill. Each time that happens, the company can add that data point to its model and train it to be even more risk-averse. But when homeowners are threatened with cancellation, they pick up the bill for repairs, even if repairs are unnecessary. If the Boston homeowner throws out a slate roof with 70 years of life left in it, the insurance company never knows it was wrong to remove it. It never updates the model to be less aggressive for similar homes. Over time, insurance companies will have every incentive to make the models more and more unforgiving, threatening more Americans with loss of coverage and potentially driving millions or billions of dollars' worth of unnecessary home repairs. And as insurers face increasing losses due to the climate crisis and inflation, the pressure to push unnecessary preventive repairs on customers will only rise. A confusing coda to this whole ordeal was what Travelers said when I reached out with a detailed list of fact-checking questions and a request for an interview. In response, a spokesperson sent a terse denial: "Artificial intelligence analysis/modeling and drone surveillance are not a part of our underwriting decision process. When available, our underwriters may reference high-resolution aerial imagery as part of a holistic review of property conditions." How did this make sense given what was written on Travelers' own website and patent applications? Then the precision and slipperiness of the language started to stand out. What exactly counts as the "underwriting decision process"? When Travelers boasts online that its workers "rely on algorithms and aerial imagery to identify a roof's shape — typically a time-consuming process for customers — with close to 90% accuracy," does that classification not count as the underwriting process? And even though Travelers has flown <a target="_blank" href="https://www.aloft.ai/wp-content/uploads/2021/05/Travelers-case-study-updated-5.14.21.pdf">tens of thousands of drone flights</a>, are those not part of underwriting? And if AI and drones aren't actually affecting customers, why file so many patent applications like "<a target="_blank" href="https://ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240005470">Systems and Methods for Artificial Intelligence (AI) Roof Deterioration Analysis</a>"? It felt like the company was trying to have it both ways, boasting about using the latest and greatest tech while avoiding accountability for errors. When I brought these follow-up questions to the company, Travelers did not respond. Thankfully, my own roof isn't going anywhere, at least not for now. A few hours after my panicked ordeal with Travelers began and I started to scramble to find new coverage, the situation resolved. Travelers admitted that it screwed up. It never conceded that its AI was wrong to tag me. But it revealed the reason I couldn't find my cancellation notice: The company never sent it. Travelers may have invested huge sums in neural networks and drones, but it apparently never updated its billing software to reliably handle the basics. Without a nonrenewal notice, it couldn't legally cancel coverage. Bad cutting edge tech screwed me over; bad basic software bailed me out. Part of what is so disturbing about the whole episode is how opaque it was. When Travelers took aerial footage of my house, I never knew. When it decided I was too much of a risk, I had no way of knowing why or how. As more and more companies use more and more opaque forms of AI to decide the course of our lives, we're all at risk. AI may give companies a quick way to save some money, but when these systems use our data to make decisions about our lives, we're the ones who bear the risk. Maddening as dealing with a human insurance agent is, it's clear that AI and surveillance are not the right replacements. And unless lawmakers take action, the situation will only get worse. The reason I still have insurance is simple consumer-protection laws. New York state won't allow Travelers to revoke my insurance without notice. But why do we let companies like Travelers use AI on us in the first place without any protections? A century ago, lawmakers saw the need to regulate the insurance market and make policies more transparent, but now updated laws are needed to protect us from the AI trying to decide our fates. If not, the future looks unsettling. Insurance is one of the few things that protect us from the risks of modern life. Without AI safeguards, the algorithms will take what little peace of mind our policies give us. Correction: August 9, 2024 — A previous version of this story cited a Travelers broker who said the company flew a drone over the author's house. After the story was published, Travelers clarified that any "high-resolution aerial imagery" it used did not come from a drone. <a target="_blank" href="https://www.businessinsider.com/author/albert-fox-cahn">Albert Fox Cahn</a> is the founder and executive director of the Surveillance Technology Oversight Project, or STOP, a New York-based civil-rights and privacy group.

My insurance company spied on my house from the sky. Then the real nightmare began.

<ul><li>Analysts believe that a potential acquisition will improve lending capability and expand branch footprint <keyword id="46013" type="General" weightage="80" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>.</li><li>Market unclear on such a large acquisition would play out if it leads to a merger eventually.</li><li>The end game should be full acquisition and amalgamation of <keyword id="6357560" type="General" weightage="80" keywordseo="idbi-bank" source="Orion">IDBI Bank</keyword>.</li></ul> <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> along with the government are looking to divest 60.72% in <keyword id="67881" type="General" weightage="100" keywordseo="idbi" source="Orion">IDBI</keyword> Bank. The process has already been kicked off and this will be a test case for the government as it will give it a blueprint for future divestments. So far media reports have speculated that Kotak Mahindra Bank was in the fray, but now <keyword id="3313307" type="General" weightage="40" keywordseo="nomura-global-markets-research" source="Orion">Nomura Global Markets Research</keyword>, a Japanese investment bank, has come out with a report that projects various scenarios of the potential acquisition and also explains how Kotak Mahindra Bank stands to gain if it acquires the bank. For starters, a possible IDBI acquisition could take KMB’s loan book to Rs 5 trillion plus along with a CASA ratio of 50%, which would be ahead of industry’s. The acquisition would also result in a sharp expansion in its branch footprint. Analysts at <keyword id="6354527" type="General" weightage="80" keywordseo="nomura" source="Orion">Nomura</keyword> believe that the acquisition would enhance its lending capability as the loan to deposit ratio will fall to 78% from 85% in Q1FY24. Analysts at Nomura have painted different scenarios of any potential transaction which will entail acquisition of a 61% stake in IDBI Bank. The first scenario could be a full cash-based transaction while the second would be stock-based and the third could be a hybrid one – entailing cash plus stock. According to the report, “While a cash-based acquisition is strongly EPS and RoE accretive, a stock-based acquisition is BVPS (book value per share) accretive (while being RoE dilutive). In all scenarios, the end-game for KMB should be the full acquisition and amalgamation of IDBI Bank, in our view.” The Japanese investment bank is of the view that scenarios which involve cash are preferable as they would bump-up to RoEs, which are currently depressed due to KMB’s low leverage of ~6x vs 8-9x for large private banks. But this deal may not be without its share of complications, says Nomura. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has incrementally not been forthcoming in terms of allowing banks to pick-up stakes in other BFSI businesses, says the report. Therefore, it is unclear how such a transaction would be allowed. The central bank could make an exception Kotak Mahindra Bank is to be eventually merged with IDBI Bank. A merger also is not without its share of complication, even if it is allowed. There is no certainty on how this can impact the share price of Kotak Mahindra Bank even if the merger leads to better financial ratios.

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RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

BI India Bureau

Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts

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Exposure to India's infra sector helps LIC, SBI outshine peers

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My insurance company spied on my house from the sky. Then the real nightmare began.

Albert Fox Cahn

What if Kotak Mahindra Bank acquires IDBI Bank, asks Nomura

BI India Bureau

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