Latest news with #RameshBabu
New Indian Express
28-05-2025
- Politics
- New Indian Express
Centre gives Rs 900 per meter subsidy, says Karnataka Congress; calls BJP allegations misleading
BENGALURU: The Congress has defended the State government on the issue of smart meters under the Central government's Revamped Distribution Sector Scheme (RDSS) and called the recent allegations by BJP leader and ex-minister Dr CN Ashwathnarayan 'factually incorrect' and 'politically motivated'. The party's media cell chairman Ramesh Babu said, 'The government is implementing smart meters in a transparent manner. It is part of a nationwide effort to improve energy efficiency, reduce transmission and distribution losses. Under RDSS, the Central government provides a subsidy of Rs 900 per meter to all states.'' He said that Ashwathnarayan had accused the government by claiming that other states procure them at Rs 900 per unit. Dismissing the claims as misleading, he clarified that Rs 900 refers to the central subsidy, and not the cost of the meter. Ramesh Babu claimed that despite knowing the facts, Ashwathnarayan had deliberately misled the public. He pointed out the irony in the BJP's stance, that it was the BJP-led Karnataka government in 2020-21 that had rejected the same RDSS scheme. According to the KERC directive, smart meters are mandatory only for new connections, excluding irrigation pump sets. For around 3 crore consumers, the adoption of smart meters are optional.
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Business Standard
25-05-2025
- Business
- Business Standard
Karur Vysya Bank expects 2% more credit growth than industry in FY26
Private sector Karur Vysya Bank expects its credit growth to be more than 2 per cent over the industry's overall growth during the current financial year, a top official said. The Tamil Nadu-based bank has lined up plans to open 28 new branches before the first half of the current financial year, particularly in Southern and Western parts of the country, the Bank's Managing Director and CEO, Ramesh Babu, said. The financial landscape is witnessing a dramatic transformation globally as well as in India, driven by technological innovations, changing consumer preferences and the emergence of alternative business models, he said. "The Reserve Bank of India is expected to adopt a more accommodative monetary policy stance. This could involve further rate cuts to stimulate domestic demand and support economic growth. The sudden escalation at the border has also added more uncertainties for the coming year," Babu told analysts recently, during the Q4 FY2025 Earnings Conference Call. "Considering the above, the outlook for the Financial Year 2025-26 remains cautiously optimistic; we need to navigate margin pressures too and monitor asset quality closely. We expect our credit growth to be more than 2 per cent over the industry growth," he said. On maintaining the Net Interest Margin in the current financial year, Babu said, it is expected to be in the range of 3.7 to 3.75 per cent for the full year. Considering the branch expansion and additional manpower plan, he said the cost-to-income ratio would continue to be around 50 per cent in FY 2025-26. "Our efforts on recoveries should continue, and we expect the momentum gained in the last year will be retained in the financial year 2025-26 too," he said. On Gross Non-Performing Assets (GNPA) and Net NPA, he said, GNPA is expected to be less than 150 basis points and net NPA to be less than 1 per cent for the financial year. "Slippages would be expected to be below 1 per cent of our asset book," he said. The bank reported a 13 per cent growth in net profit to Rs 513 crore during the January-March 2025 quarter, from Rs 456 crore registered in the corresponding quarter of the last financial year. The Board, which met on May 19 recommended a dividend of Rs 2.60 per equity share (130 per cent) for the financial year ending March 31, 2025. Total income during the quarter under review grew to Rs 3,025 crore from Rs 2,813 crore registered in the corresponding quarter of last financial year, he said.
India.com
29-04-2025
- Automotive
- India.com
Meet man who once sold newspapers, slept hungry, now owns 400 luxury cars - more than Mukesh Ambani; his name is..., business is...
Meet man who once sold newspapers, slept hungry, now owns 400 luxury cars - more than Mukesh Ambani; his name is…, business is… Success Story: There are several success stories of billionaires who achieved their dreams with their brilliance and dedication. But there are also a few stories that touch our heart and motivate us to achieve something big. One such story is of Ramesh Babu, who hails from Bengaluru. Ramesh lost his father at a very young age and after losing, the family faced severe hardship. His mother worked as a housemaid to earn bread and butter for her children. There were times when the family struggled to afford three meals a day. Today, Ramesh Babu is one of the richest barbers in India. The Barber Shop After the death of his father, Ramesh's family faced severe hardship. He chose to follow in his father's footsteps and became a barber. His mother also worked as a housemaid to support the family. After completing Class 10th, he took control of his father's barber shop. Through hard work and dedication, he has upgraded the barbershop into a stylish hair salon. Ramesh Babu's Impressive Move Despite facing several hardships, Ramesh saved enough money from his barbershop and purchased a Maruti Omni Van, launching his car rental business in 1994. An early risk paid off quit well for him, resulting in rapid business growth and financial success. This prosperity is evidenced by his collection of luxury vehicles, including a Mercedes E-Class Sedan, BMW, Rolls Royce Ghost, Jaguar, Mercedes Maybach, and approximately 400 other high-end cars. Founding Self-Drive Venture Later, Ramesh took another money-minded move and founded self-Drive venture called 'Ramesh Tours and Travel'. For this business, he used his growing fleet of vehicles for rental across India. He launched the city's first luxury car rental service, featuring a Mercedes E-Class sedan. His business has attracted high-profile clients including Amitabh Bachchan, Aamir Khan, Sachin Tendulkar, and Aishwarya Rai. Ramesh Babu – The 'Billionaire Barber' Ramesh Babu, a billionaire known for his passion for luxury vehicles, added a Rolls-Royce Ghost (approximately Rs 3 crore) to his collection, which already included high-end sedans from BMW, Jaguar, and Bentley. His 2017 purchase of a Rs 2.6 crore Maybach S600 garnered significant media attention. Despite his wealth, Babu maintains a down-to-earth approach, continuing to actively participate in his salon business and personally styling clients.
