How RFK Jr.’s health proposals could affect IllinoisThe social media exchanges between former Ohio State quarterback and Michigan alumnus-turned-super-fan Dave Portnoy aren't ending anytime soon. December 11, Portnoy tweeted an offer to Smith , clarifying whether the two could participate in a guest-picking segment ahead of the ReliaQuest Bowl between Michigan and Alabama in Tampa, Fla. New Year's Eve "Hey Troy Smith, if you’re still alive, I’d love to invite you to be our special guest picker on our special playoff show. Let me know if you’re still alive," Portnoy wrote. Thursday morning, Smith, who famously defeated the Michigan Wolverines in a 2006 No. 1 vs. No. 2 matchup, finally responded to Portnoy in a troll-like manner. "Aye PortyTee, let me be a special guest picker at your really relish [ReliaQuest] Bowl. You know what? For a while, I was hurt, astounded, dazed, and amazed from 10-13; who do you think will fare better in the bowl season?" Smith tweeted. Smith's reference is Michigan's upset loss against the Buckeyes last month. This was coach Ryan Day's fourth consecutive loss to Michigan, and it eliminated Ohio State from Big Ten title contention. Portnoy replied in astonishment , likely assuming he would never get a final answer from the former Heisman Trophy-winning quarterback. "He's alive," Portnoy wrote. It is unclear whether the two will eventually collaborate, but this is another reminder that the Michigan-Ohio State rivalry runs deeper than on-field matters. The Buckeyes are fresh off their 11th win of the season, advancing in the College Football Playoff to rematch the Oregon Ducks in the Rose Bowl on New Year's Day. Both teams met in Eugene in October, with Oregon prevailing 32-31 in an instant classic between the now-Big Ten rivals. Michigan finished the regular season 7-5 in coach Sherrone Moore's first season after replacing Jim Harbaugh following the Wolverines' national championship last year. However, the Wolverines had various issues, particularly at the quarterback position, which quickly caused them to stumble out of College Football Playoff contention. Kickoff between the Crimson Tide and Wolverines is set for noon ET.
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Mumbai: The Reserve Bank of India (RBI) will impose more regulatory curbs on unsecured lending if banks and finance companies do not mend their ways, it said in the Trends and Progress of Banking report published Thursday. The banking regulator also directed boards of lending entities to fix unsecured exposure levels prudently to prevent systemic risks. ET Year-end Special Reads Corporate Kalesh: Top family disputes of India Inc in 2024 The world of business lost these eminent people in 2024 Fast, faster, fastest: How 2024 put more speed into your shopping The report also highlighted that banks’ profitability rose for the sixth consecutive year and gross bad loans were at a 13-year low in FY24. Still, the RBI expressed concerns over interconnectedness between lending entities and private credit firms, high attrition among private banks, liberal underwriting standards for top-up loans, and rising cyber frauds. At the same time, it advised banks to fix the KYC gaps and closely monitor gold loans and hinted that it would issue directive to prohibit banks from charging pre-payment penalties on floating rate loans taken by small entrepreneurs. Although banks and finance companies have the discretion to set limits on unsecured exposures, “some entities have fixed very high ceilings, which need to be continuously monitored”, the RBI report said. The regulator's worries stem from the fact that even after it raised risk weightage on unsecured loans in November 2023, unsecured loans still constitute one-fourth of commercial banks' books at the end of March 2024. 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Justifying its stance, RBI said that even though credit growth has dipped, "delinquency levels and leverage warrant enhanced vigil". On top-up loans, the RBI pointed out that lenders often sanction extra facilities to borrowers with minimal processes and due diligence, generously underwrite loans, follow inadequate fund end-use monitoring, and deviate from loan-to-value (LTV) ratios and risk weights. "The RBI will assess the need, if any, for additional regulatory interventions to mitigate the identified risks in cases of other top-up loans," said the regulator. The central bank also warned about malpractices in the digital lending scape wherein "unscrupulous players in digital lending space, who falsely claim association with RE. Enhanced monitoring and transparency are required." To mitigate this risk, the RBI is in the process of setting up a repository of Digital Lending Apps. On the interlinkage between banks, NBFCs and private credit, the RBI said: "Strong interrelationship between them could give rise to systemic concerns along with the possibility of regulatory arbitrage to circumvent regulations." The regulator said close monitoring "is warranted as their reach expands beyond mid-sized corporate borrowers". The RBI said in its last October policy that it would restrict banks from charging prepayment penalties on floating rate loans of small businessmen to "safeguard customers' interest". At present, banks are not permitted to charge prepayment penalty to individual borrowers for purposes other than business. The RBI expressed concerns over high attrition in banks and finance companies, stating that “high attrition poses significant operational risks, including disruption in customer services and loss of institutional knowledge”. KYC GAPS It also directed banks to fix certain gaps in know-your-customer, or KYC processes. "Accounts getting frozen and lack of proactive customer assistance have caused operational inefficiencies and customer grievances," the regulator said. The RBI advised banks to closely monitor gold loan portfolios as it continues to observe irregularities in lending processes. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )
WuKong Education Named to the 2025 GSV 150 for Leading the Way in Education TechnologyManmohan Singh, the former Indian prime minister whose economic reforms made his country a global powerhouse, has died at the age of 92, current leader Narendra Modi said Thursday. India "mourns the loss of one of its most distinguished leaders," Modi posted on social media platform X shortly after news broke of Singh's passing. "As our Prime Minister, he made extensive efforts to improve people's lives." Singh was taken to a hospital in New Delhi after he lost consciousness at his home on Thursday, but could not be resuscitated and was pronounced dead at 9:51 pm local time, according to a statement by the All India Institute of Medical Sciences. Singh, who held office from 2004 to 2014, is credited with having overseen an economic boom in Asia's fourth-largest economy in his first term, although slowing growth in later years marred his second stint. "I have lost a mentor and guide," opposition Congress leader Rahul Gandhi said in a statement, adding that Singh had "led India with immense wisdom and integrity." "Millions of us who admired him will remember him with the utmost pride," said Gandhi, a scion of India's powerful Nehru-Gandhi dynasty and the most prominent challenger to Modi. Mallikarjun Kharge, leader of the opposition in parliament's upper house, said "India has lost a visionary statesman, a leader of unimpeachable integrity, and an economist of unparalleled stature." President Droupadi Murmu wrote on X that Singh will "always be remembered for his service to the nation, his unblemished political life and his utmost humility." Born in 1932 in the mud-house village of Gah in what is now Pakistan, Singh studied economics to find a way to eradicate poverty in India and never held elected office before taking the vast nation's top job. He won scholarships to attend both Cambridge, where he obtained a first in economics, and Oxford, where he completed his PhD. Singh worked in a string of senior civil posts, served as a central bank governor and also held various jobs with global agencies including the United Nations. He was tapped in 1991 by then Congress prime minister P.V. Narasimha Rao to reel India back from the worst financial crisis in its modern history. In his first term Singh steered the economy through a period of nine-percent growth, lending India the international clout it had long sought. He also sealed a landmark nuclear deal with the United States that he said would help India meet its growing energy needs. Known as "Mr Clean", Singh nonetheless saw his image tarnished during his decade-long tenure when a series of corruption cases became public. Several months before the 2014 elections, Singh said he would retire after the polls, with Sonia Gandhi's son Rahul earmarked to take his place if Congress won. But Congress crashed to its worst-ever result at that time as the Hindu-nationalist Bharatiya Janata Party, led by Modi, won in a landslide. Singh -- who said historians would be kinder to him than contemporary detractors -- became a vocal critic of Modi's economic policies, and more recently warned about the risks that rising communal tensions posed to India's democracy. bjt/mlm