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SBI Profit falls below expectation, Rajnish Kumar Prays

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Mumbai: The State bank of India swung to profit from the year ago loss but fell short of profit. Rajnish Kumar, the chairman of State Bank of India says the loan of Essar Steel, Bhushan Power and Steel and Alok Industries a major setback for the Bank.

These three companies have taken a loan of 16,000 Crore from the State bank of India which has to give the write-back. Kumar intervene divine intervention for seeking help, says if these loans get cleared then the bank will move towards a good profit.

SBI has made 100% provisions against bad loans. The National Company Law Tribunal (NCLT) decides on cases under the Insolvency and Bankruptcy Code. Net profit for the June quarter at the state-owned lender was Rs 2,312 crore compared with a loss of Rs 4,876 crore in the year earlier. Profit fell short of the Rs 4,106 crore expectations due to widening losses in the corporate loan book while the treasury and retail segments performed well.

“Debt waiver issues emanating from just one state contributed around Rs 2,000 crore to the slippages,” Kumar said. The focus of the bank remains on fresh slippages to keep under control. While overall loans grew 12.47% to Rs 22.38 lakh crore, state-run corporations dominated, accounting for nearly 100% growth in sectors such as power, roads and ports. A large company classified as a Maharashtra by the government was also marked as a nonperforming asset (NPA) due to some technical issues, Kumar said.

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Xiaomi will launch more than 10 5G smartphones in 2020

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Wuzhen, China: China has been one of the first countries in the world to embrace 5G, and now manufacturers and operators are working together to deliver the technology to the masses as soon as possible.

Speaking at the World Internet Conference on Sunday, Xiaomi CEO Lei Jun has announced that the company is planning to launch more than 10 5G smartphones by 2020.

The top mobile network carriers in China accepted more than 9.3 million subscriptions for 5G even before the network officially rolled out. China Mobile accepted 5.6 million subscriptions, China Telecom scored 1.9 million, and China Unicom “People in the industry fear that next year 4G models won’t sell, this is a step you have no choice but to take. So we hope that operators can speed up their expansion of 5G base stations.”

According to Taiwanese semiconductor manufacturer TSMC, the demand for 5G phones is expected to reach around 300 million by next year. Currently, 5G phones only make up 1% of the total population of smartphones, but this figure is expected to hit 10% in 2020 as manufacturers and network providers shift towards 5G.

Xiaomi CEO didn’t confirm the name of the 5G smartphones that the company plans to launch next year but it looks like the phones are already in the works. As noted earlier Xiaomi has launched two 5G phones this year — Mi MIX 3 5G and Mi 9 Pro 5G. The first one – Mi MIX 3 5G – is the 5G edition of the standard Mi MIX 3 that launched last year. While the Mi 9 Pro 5G is the 5G version of the Mi 9 Pro that launched beginning this year.

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