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Kotak Mahindra Bank in close touch with RBI, says CEO Vaswani on IT fixes
Kotak Mahindra Bank is actively working to resolve the digital infrastructure shortcomings identified by the Reserve Bank of India (RBI), according to Managing Director and CEO Ashok Vaswani. In an exclusive interview, Vaswani revealed that the bank has been closely collaborating with the regulator, with frequent updates on their progress.
“We’ve been in continuous touch with the RBI, sometimes even every week, getting their guidance and ensuring we’re on the right path,” said Vaswani. He explained that the bank has taken the opportunity presented by the RBI’s restrictions to leap ahead in technology: “Like in every crisis, there’s an opportunity. We’ve taken this as a chance to leapfrog and make our systems resilient and relevant for the future.”
Kotak Mahindra Bank’s Ashok Vaswani: Deposit concerns are overdone
Kotak Mahindra Bank CEO Ashok Vaswani has dismissed fears pertaining to a decline in bank deposits and customers shifting their savings away from traditional banking into stock investments. He said as long as there is economic activity—business expenditure and consumer spending—deposits will continue to flow into banks.
“The notion that suddenly there is going to be a complete dearth of deposits and everybody’s going to invest in the capital markets is overdone,” Vaswani told CNBC-TV18’s Managing Editor Shereen Bhan in an exclusive interview.
While reckoning with the evolving landscape of banking customers, who are becoming increasingly savvy and sophisticated, Vaswani reassured that this shift does not equate to a reduction in deposits.
“I don’t see this situation as deposits are going to suddenly disappear,” he added.
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Voting is underway in the J&K in the 3rd and final phase
The voting for this crucial phase is underway on October 1. The electoral fate of 415 candidates, including former deputy chief ministers Tara Chand (Congress) and Muzaffar Beig, are at stake in this phase.
This phase will cover 40 Assembly segments across seven districts — Jammu, Udhampur, Samba and Kathua in the Jammu region and Baramulla, Bandipora and Kupwara in north Kashmir.This is the first Assembly election in Jammu and Kashmir since the abrogation of Article 370 of the Constitution in August 2019, with the results set to be announced on October 8.
A ₹2 crore bid to become sarpanch in Punjab
Atma Ram of Bharatiya Janata Party (BJP) has bid ₹2 crore to become the sarpanch, the elected head of village administration, at Hardorwal Kala village of Dera Baba Nanak in the Gurdaspur district of Punjab. He’s willing to raise the stakes if needed but it seems unlikely that he may have to.
This is neither a hidden process nor a legal way to elect a representative but such practices have been reported in many places in North and Western states. Just a day earlier, a candidate in Sangrur, in the same state, placed a ₹35 lakh bid for the position. Once there’s a winning bid, other candidates pull out of the race.
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Crossbeats eyes global expansion after growth in India’s wearables market
Crossbeats, the Bengaluru-born brand known for its affordable premium personal audio and smartwatch products, is expanding its footprint into global markets, aiming to generate 15% of its revenue from international sales this financial year.
Co-Founder Archit Aggarwal, in an interview with CNBC-TV18, highlighted the company’s move to the US and Europe as part of a broader strategy to diversify its customer base beyond India. Having launched in the US in December 2023, Crossbeats is already processing between 50-55 orders weekly, a promising start for its international debut.
Chennai startup builds ‘human-like’ AI to help with job interviews
Chennai-based AI recruitment start-up Hyring has developed a first-of-its-kind AI interviewer that automates online interviews, acting as a recruiter while it asks questions, records, evaluates and scores candidates based on their performance.
Called ‘Hyring AI Screener’, the AI model has in effect replaced the need to have HR recruiters actively attend online interviews as the AI can go so far as to recommend the top four to five candidates for recruiters to pass into the next round of recruitment.
“Existing AI software (models) are merely ‘passers’ as they scan resumes to look out for keywords and experience before it provides you insight over whether a candidate is suitable for a role or not,” explained Adithyan RK, Founder and CEO at Hyring, “What existing software does not do is interview a candidate or evaluate their performance on a LIVE video interview, our AI screener does that.”
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Pepsales to utilise $1.1 million pre-series fundraise for AI and geographic expansion
Pepsales, an AI-powered SaaS platform that caters to sales teams, has successfully raised $1.1 million in a pre-series funding round. Led by Chirate Ventures, the funding round also saw participation from prominent angel investors in the Bay Area, as well as founders and CXOs from India’s vibrant startup ecosystem. The fresh capital will help Pepsales scale its operations and advance its AI-driven solutions for B2B SaaS companies.
Founded in 2023, Pepsales leverages artificial intelligence and machine learning to create personalised product demonstrations for potential buyers in the B2B SaaS sector. The platform aims to transform the way sales teams interact with customers by providing tailored demos that address specific business needs, ultimately helping SaaS companies close deals more efficiently.
Swiggy Instamart launches 24×7 free delivery in Delhi-NCR ahead of the festive season
Swiggy Instamart has launched round-the-clock free delivery for Delhi-NCR, making it the first quick commerce platform to do so just as the festive season kicks off. Now, consumers in Delhi, Gurugram and Noida can access 10-15 minute delivery for tens of thousands of products—whether it’s groceries, festive treats, or last-minute essentials.
IPO-bound Swiggy said the decision is in response to rising demand, especially during late-night hours when last-minute festival preparations are at their peak. Instamart has noted a surge in orders for indulgences like snacks, ice cream, and essentials between 11 pm to 6 am, with breakfast staples like milk and eggs being ordered as the day breaks.
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Can the internal discord within Congress disrupt its plans to unseat the BJP
The Congress party in Haryana appears to have a tailwind behind it. The over two crore voters will have the opportunity on October 5 to speak through the ballot. Who will the voters choose to govern for the next five years will be known on October 8. Yet, in the run-up discord within the Congress has the potential to upset its calculations to unseat the Bharatiya Janata Party, explains Political Observer and Writer K V Prasad.
