Morning Buzz: Bad loans of banks and NBFCs at near-decade low; Nusli Wadia blames P&W engines for Go First collapse, and more

(File photo) A man pulls a hand-drawn cart in front of the Reserve Bank of India (RBI) building in Mumbai January 24, 2012. Image: REUTERS/Danish Siddiqui

Banks’ and NBFCs’ bad loans level at near-decade low: RBI

India’s scheduled commercial banks and NBFCs’ financial health continues to improve with the gross non-performing assets (NPAs) and net NPA levels at a near-decade low, according to the latest report from the Reserve Bank of India (RBI). The gross NPA ratio of scheduled commercial banks is down to 3.2 percent and net NPAs at 0.9 percent, at the end of September. But the RBI—as it has been doing in the past quarter—also warned of a rise in unsecured retail lending by banks, which has been increasing since March 2015 to 25.5 percent by FY23.
(Hindu Businessline, Mint, Business Standard)

Smaller electric two-wheeler players unlikely to raise prices in 2024

Even as the demand for electric vehicles (EVs) is expected to continue to rise over the New Year—and several manufacturers and dealers are offering discounts—smaller EV two-wheeler manufacturers are unlikely to hike prices of electric two-wheelers in 2024. They will not push up prices as it could risk hurting sales and demand. Electric two-wheeler prices range from Rs90,000 to Rs1 lakh from companies such as Lohia Auto, Godawari Electric and Emobi.
(Business Standard)

Nusli Wadia blames P&W engines for Go First collapse

Wadia Group Chairman Nusli Wadia has blamed Pratt & Whitney (P&W) engines for the grounding of Go First airline, which moved in for voluntary bankruptcy in May. Over the last two years, P&W's inaction and contractual defaults irreparably financially damaged Go First, Wadia told the Economic Times. While the process to find a buyer is on, rival airline SpiceJet has indicated interest to acquire Go First.
(Economic Times)

Jio working with IIT-Bombay to launch 'Bharat GPT'

Reliance Jio Infocomm is working with the Indian Institute of Technology (IIT)-Bombay to launch ‘Bharat GPT’, a large-language model tailored for India’s needs, its chairman Akash Ambani said. The teams are working on generative pre-trained transformers/large language model-based solutions for key business verticals like telecom and retail. Jio is also “comprehensively thinking” to launch an operating system for smart televisions. The firm will launch products and services in the media space, commerce, communication and devices.
(Economic Times, Indian Express, Mint)