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RBI slaps Rs 1 Cr penalty on Bandhan Bank

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The Reserve Bank of India (RBI) on Tuesday imposed Rs1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licencing guidelines.

Under the guidelines, the bank was required to bring down shareholding of its “non-operative financial holding company” to 40% of its paid-up equity capital within three years from the date of start of business.

However, as the bank failed to comply with the licencing guidelines, a show cause notice was issued asking why a penalty should not be imposed for the non-compliance, the RBI said in a statement on Tuesday.

“After considering the reply received from the bank, submissions made during personal hearing and documents submitted, the RBI came to the conclusion that the bank had failed to comply with the licencing guidelines and decided to impose the penalty,” the banking regulator said.

As per reports, the bank was expected to slash the shareholding of Bandhan Financial Holding Ltd., which is Bandhan bank’s non-operative financial holding company to 40 percent of its total paid-up voting capital. The bank was expected to do this within three months from commencement of business.

As they didn’t carry out what was expected of them, the bank was served a show cause notice, to which the bank did not come up with a satisfactory response.

However, the bank said that they have been trying to bring down the shareholding of the promoters to 40 percent. It hasn’t been long since the bank merged with Gruh Finance, which brought their shareholding down from 82.26 per cent to 60.96 per cent.

RBI has imposed this fine under the provisions open to them under the Banking Regulation Act, 1949, and has also clarified that this is not applicable to the validity of any transaction or agreement that the bank has with its customers.

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Tesla bags 200,000 orders for its futuristic ”Cybertruck”

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New Delhi: Elon Musk is back with a bang with his all-new “Cybertruck”. Irrespective of the controversies the all-new Tesla Cybertruck has gathered, it is one of the most radical wheels that has gone on sale in recent times and is becoming quite popular by the day.

Elon Musk took to Twitter to share that Tesla has already received 200k orders since the launch of the “Cybertruck” which was actually 3 days ago(22 November).

Tesla Cybertruck’s production is expected to begin in late 2020. The electric pickup truck is available in three trims — single motor RWD with a range of over 250 miles, dual-motor AWD with a range of more than 300 miles and tri-motor AWD with a range in the north of 500 miles.

The single motor RWD variant of the Cybertruck can go from 0 to 60 mph in below 6.5 seconds and has a towing capacity of over 7,500 pounds, while the dual-motor AWD trim can make 0-60 mph in under 4.5 seconds and boasts of a towing capacity of more than 10,000 pounds. Tesla claims that the tri-motor AWD variant of the vehicle is good for 0-60 mph in less than 2.9 seconds and gets a towing capacity of 14,000 pounds.

Given its relative performance and price, the Cybertruck could be a massive success for Tesla as it enters into the largest segment in the US market. Almost three million pickups were sold to consumers in 2018. If Tesla can carve off a tiny sliver of that, it’ll go a long way toward taking Tesla’s annual sales to the next level.

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