Latest news with #RE
Yahoo
26-05-2025
- Business
- Yahoo
Strong First-Quarter Performance
Reykjavík Energy (Orkuveita Reykjavíkur; RE) returned a profit of ISK 4.5 billion for the first three months of the year, according to the consolidated interim financial statements approved by the Board today. During the same period in 2024, profit amounted to ISK 2.9 billion. In addition to the parent company, the group comprises Veitur Utilities, ON Power, Reykjavík Fibre Network, and Carbfix. RE's revenues increased by 7% compared to the same period last year, while expenses declined by the same proportion. Although salary expenses rose year-on-year, other operating costs decreased, and during the quarter ON Power received a reimbursement of approximately ISK 450 million due to a correction in Landsnet's tariff schedule. Cash flow from operations amounted to ISK 9.4 billion, up from ISK 8.0 billion during the same period in 2024. Investment in fixed operational assets remained broadly consistent year-on-year, totalling ISK 6.4 billion. The majority of these investments were made by Veitur Utilities, primarily in connection with the short- and long-term reinforcement of district heating systems. Sævar Freyr Þráinsson, CEO of Reykjavík Energy, expressed his satisfaction with the financial outcome. 'Reykjavík Energy's capacity to undertake essential investments is substantial and growing. The results are strong, and it is encouraging to see interest expenses finally on the decline,' said Sævar Snorri Hafsteinn Þorkelsson, CFO + 354 516 6100 Orkuveitan Condenced Consolidated Interim Financial Statements 1.1.-31.3.2025
Hindustan Times
24-05-2025
- Automotive
- Hindustan Times
Royal Enfield Guerrilla 450 review: Unlike any other RE motorcycle
Royal Enfield Guerrilla 450 shares its frame and engine with the Himalayan 450. Royal Enfield Guerrilla 450 is a roadster based on the Himalayan 450. Check Offers In the past few years, Royal Enfield has entirely revamped its lineup and is now doing the same with its image. People had high expectations but were also a bit sceptical at the same time with the 450 cc platform because it was the first time that the brand was doing liquid cooling. First up, there was the Himalayan to use the new engine which received a phenomenal response from everyone and then followed the Guerrilla 450. Where the Himalayan is made for munching miles, the Guerrilla is for the streets and the city. We spent some time with the motorcycle and the Guerrilla 450 did end up surprising us. Royal Enfield Guerrilla 450: Looks With the colour schemes of the Guerrilla 450, Royal Enfield ensured that it turned heads wherever it went. With the Guerrilla 450, the approach of Royal Enfield is different. The brand wants to change the perception about itself. The Guerrilla is a muscular modern roadster which does turn quite some heads when it is out on the road. What helps in this are the colour schemes that the brand is using, they are loud and demand attention. Up-front, there is the same LED headlamp that we have seen on other new RE motorcycles. It is not the best one out there. The turn indicators are LED and at the rear, they are integrated into the tail light only. The thick 120/70 section tyre in the front and a 160/60 section tyre at the rear, add to the road presence of the motorcycle. Royal Enfield Guerrilla 450: Pros Powering the Guerrilla 450 is the Sherpa 450 engine that made its debut on the Himalayan 450. The Guerrilla 450 is a hoot to ride in the city. It feels angry and ready to attack. There are two riding modes on offer - Eco and Performance. In Eco, the power delivery is linear and the motorcycle also feels smoother. For the most part, I left the motorcycle in Performance, where it feels at home. After 3,000 rpm, the motor pulls and the rev needle starts climbing quickly. The engine feels strong but you will need to change gearshifts if you need to do a quick overtake and the engine is in higher gear. It is also quite buzzy but the vibrations never ruin the riding experience. Overall, the engine is engineered for an eager and spirited performance that pushes you to chase the redline. So, if you are that type of rider then you would have fun. The riding position is really nice with the handlebar being ample wide and slightly raised rear-set footpegs. Because, the Guerrilla 450 shares its underpinnings with the Himalayan 450, the chassis is the same so the wheelbase is quite long but this helps in providing stability at high speeds. In terms of handling, the Guerrilla 450 feels predictable, and neutral and pushes you to corner harder. The tail lamp is the same unit as the Himalayan 450. The exhaust style is also shared between both motorcycles. The tyres are from Ceat and work quite well in dry and we cannot comment on how they perform in wet. The braking setup consists of a disc at both ends, it takes some time to trust the braking power but once you do that, you realise that they offer an ample amount of braking power. The suspension is also tuned just fine, unlike a few other recent Royal Enfield motorcycles that had a stiffer rear setup. The instrument cluster is taken from the Himalayan, it is crisp, clear and shows plenty of information. The rider can choose between analogue and digital setup and there is also Google Maps functionality available on it which is a bit laggy though. Weirdly, this was not the case on one of the Himalayan 450s that I tested. There is also a USB Type C port to charge mobile devices. Royal Enfield Guerrilla 450: Cons Because, there is no proper tyre hugger and mudguard, the tyre throws a lot of mud around the chain, tail section and even on the seat. A few of the niggles that we noticed on the Guerrilla 450 were that it would refuse to change the riding mode and this happened several times. The joystick to control the instrument cluster is a bit finicky. Then there are the rear view mirrors, which are quite small and create blind spots. The fuel tank capacity is also less at 11 litres, and the fuel efficiency is not particularly exciting. The Guerrilla 450 delivered around 28 kmpl. Another gripe that I have is that the pillion seat is way too stiff, and it makes the back hurt very soon. Royal Enfield Guerrilla 450: Verdict I loved the time with the Guerrilla 450. It does not feel like any other Royal Enfield motorcycle that is on sale. It is quick, eager, and aggressive; it can handle, and you would enjoy it while riding through the city. If you are in the market for a motorcycle that you can ride on a daily basis and have fun while doing it then the Guerrilla 450 might suit your requirements. Just remember, that it would tease you to push it, and you will have to be a bit careful. First Published Date: 24 May 2025, 13:58 PM IST
Time of India
23-05-2025
- Business
- Time of India
Periodic KYC update in bank account to become easier; RBI proposes new draft rules, allows time till June 30, 2026, to do KYC for these customers
Time till June 30, 2026, to do KYC for these bank customers whose periodic KYC update is due Live Events Provide due notices for KYC updation to the customers Use Business Correspondent to do KYC in certain cases Simplification of periodic KYC updation Ease of KYC for first time customers The Reserve Bank of India (RBI) has issued draft proposals for changes in the process of periodic updation of the Know-Your-Customer (KYC) in bank accounts. The proposed rules are expected to make bank customers' lives easier due to the requirement of periodic KYC updation As per the RBI, 'The Reserve Bank has observed a large pendency in periodic updation of KYC, including in the accounts opened for credit of Direct Benefit Transfer (DBT)/ Electronic Benefit Transfer (EBT) under Government schemes to facilitate credit of DBTs and/ or scholarship amount (DBT/ EBT/ scholarship beneficiaries) and accounts opened under PMJDY. Reserve Bank has also been receiving complaints regarding challenges faced by the customers in periodic updation of their KYC.'The comments on the draft Amendment Directions are invited from the public/ stakeholders tillAs indicated by the draft, bank customers will be in various risk categories. All bank customers are required to update their KYC periodically as communicated by their respective banks. As per the new rules, if a bank customer is categorised as low-risk, then he shall be allowed transactions for one year or till June 30, 2026, whichever is per the draft, 'Notwithstanding the provisions given above, in respect of an individual customer who is categorised as low risk, RE shall allow all transactions and ensure the updation of KYC within one year of its falling due for KYC or upto June 30, 2026, whichever is later. The RE shall subject accounts of such customers to regular monitoring. This shall also be applicable to low-risk individual customers for whom periodic updation of KYC has already fallen due.'The RBI, in its draft proposal, has asked the banks to provide adequate notices to the customers when the KYC in their bank accounts become due. The banks are required to give at least three advance intimation regarding periodic KYC per the draft proposal, 'RE shall intimate its customers, in advance, to update their KYC. Prior to due date of periodic updation of KYC, RE shall give at least three advance intimations, including at least one intimation by letter, at appropriate intervals to its customers through available communication options/ channels for complying with the requirement of periodic updation of KYC.'In case the customer is unable to do the periodic KYC updation within the due period, banks are required to give three reminders about the KYC as well.'Subsequent to the due date, RE shall give at least three reminders, including at least one reminder by letter, at appropriate intervals, to such customers who have still not complied with the requirements, despite advance intimations. The letter of intimation/ reminder may, inter alia, contain easy to understand instructions for updating KYC, escalation mechanism for seeking help, if required, and the consequences, if any, of failure to update their KYC in time. Issue of such advance intimation/ reminder shall be duly recorded in the RE's system,' as per the draft rule proposed by the RBI in its draft is the use of Business Correspondent (BC) by banks for the updation/periodic updation of KYC. This proposal will help the bank customers to visit their nearest BC to do the KYC as mandated under the KYC rules. However, customers can do their KYC via BC only if there is limited per the draft proposal, 'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained through an authorised BC of the bank. In such case, after successful biometric-based e-KYC authentication, the bank shall obtain the self-declaration, including the supporting documents, if required, from the customer through the BC. A bank may enable its BC systems for recording these self-declarations and supporting documents thereof in electronic form in the bank's systems. In case such an option is not available in the electronic mode and such a declaration is submitted in physical form by the customer, the BC shall authenticate the self-declaration and supporting documents submitted in person by the customer, and promptly forward the same to the concerned bank branch. The BC shall provide the customer an acknowledgement of receipt of such declaration /submission of documents. The bank branch shall update the customer's KYC records and intimate the customer once the records get updated in the system, as required under paragraph 38(c) of the Master Direction ibid. It is reiterated that the ultimate responsibility for periodic updation of KYC remains with the bank.'The RBI, in the draft, is proposing the simplification of updation and periodic KYC. This includes:i) Self-declarations - REs are allowed to obtain self-declaration regarding 'no change in KYC information' or 'a change only in address details' from customers using digital and non-digital modes, through customer's email / mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter, BCs, etc.(ii) The updation/ periodic updation of KYC records are allowed to be carried out at any branch of the RE with which customer maintains the account.(iii) Aadhaar OTP based e-KYC and V-CIP are permitted for the purpose of updation/ periodic updation of KYC. (iv) REs have been directed to update customers' KYC information/ records based on the update notification received from from making the process of KYC updation easier, the RBI is also trying to ease the KYC process for first-time customers. The central bank has provided three ways for banks to do the KYC of first-time per the draft proposal, the customer's KYC can be done via Aadhaar biometric based e-KYC. 'Customer may be onboarded in face-to-face mode through Aadhaar biometric based e-KYC authenticating and, in such case, if customer wants to provide a current address, different from the address as per the identity information available in the UIDAI database (i.e., Central Identities Data Repository), he may give a self-declaration to that effect to the RE (ref. paragraph 16 of the Master Direction on KYC). Further, the Digital KYC process is also allowed for customer onboarding,' said the draft proposal.A bank can use either of the two ways to do KYC of a customer in NFTC mode. The first method is consent-based. As per the draft proposal, 'Consent-based onboarding of customer in NFTF mode may be done using Aadhaar OTP based e-KYC authentication which is subject to certain conditions (ref. paragraph 17 of the Master Direction on KYC). Further, such account shall be placed under strict monitoring, and Customer Due Diligence (CDD) procedure shall be completed within a year. 'The second method is the use of digital modes for KYC. 'Customer onboarding in NFTF mode using digital modes such as KYC Identifier, equivalent e-documents, documents issued through DigiLocker, and non-digital modes such as obtaining copy of OVD certified by additional certifying authorities as allowed for NRIs and PIOs are subject to certain conditions,' as per the draft third process is the video-based customer identification process (V-CIP). As per the RBI draft, the video based process is treated on par with face-to-face onboarding. 'V-CIP is an alternate method of Customer Due Diligence by an authorised official of the RE by undertaking seamless, secure, live, informed and consent-based audiovisual interaction with the customer to obtain identification information required for customer due diligence purpose.'
News18
23-05-2025
- Business
- News18
2025 Royal Enfield Himalayan Odyssey: From Registrations To Price To Itinerary, Check Everything Here
Last Updated: To note, riders who have been part of the previous editions of the Himalayan Odyssey will not be able to participate again as the company aims to get new participants on board. The homegrown two-wheeler maker Royal Enfield has been pushing the biking culture for years. To make it as interesting as possible, the company usually organise interesting events, motorcycle festivals, bike rides, and whatnot throughout the year. Again, the brand is back with another edition of its iconic Himalayan Odyssey, giving a lifetime opportunity to the 70 riders to explore the toughest terrains in the world. As per the details shared by the brand, the 2025 Odyssey will be an 18-day trip, starting June 28, 2025. The company has already kicked off the registrations nationwide. In case if you are interested in exploring the peaks of the Himalaya, accompanied by a massive convoy of bikers, visit RE's official website and get the related details about the upcoming ride. To note, riders who have been part of the previous editions of the Himalayan Odyssey will not be able to participate again as the company aims to get new participants on board. Price For Registration Talking about the charges, an individual can enrol themselves by paying an entry cost of Rs 80,000. For the couples, it costs Rs 1,60,000. The brand, in its official release, this year, the journey will be more exciting and adventurous as the company is marking its decades of existence in the business. Itinerary and Execution During the 18-day-long trip, the riders will be divided into two teams named Team Spiti and Team Zanskar. Each group will be assigned to complete a 2,600 km loop, crossing the roughest terrains littered with high-altitude mountain passes. The journey will start from Chandigarh and will summit the Umling La pass. It is situated at 19,000 feet above Mean Sea Level (MSL). The release says that team Spiti will be riding in a group to Narkanda, Kalpa, Keylong, and Sarchu and will conclude the trip in Leh and Hanle. The team Zanskar will be taking the route from Jispal, exploring the highest altitude, going towards the Padum route before submitting themselves in Leh and Hanle. First Published: May 23, 2025, 14:09 IST
Mint
20-05-2025
- Business
- Mint
Bank, NBFC investments in AIFs may get smoother
Banks, non-bank lenders and financial institutions may get to invest up to 10% in the corpus of alternate investment fund (AIF) schemes, in a relief for the sector that faced a central bank clampdown in December, 2023. There will be no restriction on regulated entities (REs) such as banks for investing up to 5% in the AIF scheme's corpus, Reserve Bank of India (RBI) proposed on Monday. However, if the AIF scheme invests in a company that has borrowed from the bank, then the RE must make full provision to the extent of its proportionate exposure, the draft circular said. Again, total investments by all REs in any AIF scheme will be capped at 15% of the scheme corpus. 'Notwithstanding, if the RE's contribution is in the form of subordinated units under the priority distribution model (PDM), it shall deduct the entire investment from its capital funds— equally from both Tier-1 and Tier-2 capital (wherever applicable)," RBI said. Also read: Bank of Baroda's margin pressure to continue before easing in FY26 second half The new directions will apply only to future investments. Investments and commitments made already will continue to be governed by current norms. Further, RBI, in consultation with the government, may exempt certain AIFs that have been set up for strategic purposes. The central bank has sought comments and feedback on the new draft norms by 8 June. 'The RBI's updated guidelines on bank investments in AIFs reflect a mature policy shift. They balance prudential risk management with the broader developmental objective of banks," said Gopal Srinivasan, chairman and managing director of TVS Capital Funds, adding the move will help restore regulatory clarity for such investments. Need for revised norms RBI said the draft was issued following the guidelines issued by the Securities and Exchange Board of India on 8 October, 2024 requiring specific due diligence with respect to investors and AIF investments. RBI said the new norms will help 'prevent facilitation of circumvention of regulatory frameworks" by ensuring uniform guidelines across regulators. Also read: SBI shares fall as lender tempers loan growth target amid tariff uncertainty The Sebi circular, while highlighting concerns of RBI-regulated lenders using AIFs to evergreen stressed loans, introduced stricter due diligence requirements for AIFs, their managers and key management personnel. The objective was to prevent circumvention of regulations, tighten oversight over such funds and prevent ineligible investors from accessing benefits meant for qualified institutional buyers (QIBs) and qualified buyers (QBs). AIFs were also required to perform due diligence if 25% or more of the scheme's corpus was contributed by RBI-regulated investors or if they exerted significant influence over investment decisions. 'Taking into account the more robust and comprehensive structure provided under the Sebi guidelines, there was a scope and need for bringing in some relaxations," said Jyoti Prakash Gadia, managing director at Resurgent India, a category-1 merchant bank. 'Since an approach of discipline has been exhibited by the regulated entities subsequent to the previous guidelines, the partial relaxations are expected to bring in better utilization of the alternate investment funds," he added. Background On 19 December, 2023, RBI asked lenders not to invest in AIFs that have direct or indirect downstream investments in companies that were borrowers in the last 12 months. Further, such existing investments were required to be liquidated or fully provided for in 30 days. This prompted several large private banks to make significant provisions against these investments in their financials for the last two quarters of FY24. In March 2024, the regulator clarified that these investments would exclude equity shares, compulsorily convertible preference shares and compulsorily convertible debentures. It had then also said that the provisioning will be required only to the extent of investment by the RE in the AIF scheme which is further invested by the AIF in the debtor company, and not on the entire investment of the RE in the AIF scheme. These guidelines were stipulated with the objective of preventing instances of evergreening by utilization of the AIF route to repay existing potential distressed loans. In Monday's circular, RBI said that the regulatory measures have brought 'financial discipline among the REs regarding their investment in AIFs". Siddarth Pai, co-founder and managing partner, 3one4 Capital said the new guidelines are significant to rupee capital formation as banks and NBFCs are important institutional investors in AIFs, but were placed under restrictions due to certain regulatory findings. Also read: Microfinance stress, RBI embargo weighed on Kotak Bank's Q4 profitability 'The Indian AIF industry is around ₹13.5 trillion in capital commitments as of 31 March, 2025. The aim is to reach at least ₹30 trillion by 2030. For this, the simplification of regulation and the removal of artificial regulatory barriers to investing in alternatives is key," he said. (With inputs by Sneha Shah)
