Kotak Mahindra Bank Q4 net profit up 15% YoY to Rs.1,124 crore

April 30, 2018

Kotak Mahindra Bank has reported 15.16% growth in its net profit for the quarter ended March 31,2018 at Rs.1,124 crore. Last year in the same quarter, it had reported a profit of Rs.976 crore.

Its net interest income (NII), the difference between interest earned and interest paid has also grown 18% on year to Rs.2,580 crore. Its non-performing assets, as a percentage of total loans, stood at 0.98% as against 1.09% at the end of the December quarter.

Provisions for the quarter rose to Rs.307 crore, as against Rs.267 crore in the year ago quarter. The bank’s advances were up 25% at Rs.1,69,718 crore for the Mach quarter, while in the same quarter last year it was Rs.1,36,082 crore. Furthermore, the board of directors of the bank has recommended a dividend of Rs.0.70 per equity share of face value of Rs.5 for the full year.

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TECHNOLOGY

ChatGPT Can Create Fake Aadhaar, PAN Cards—But Here’s Why It’s Not a Big Concern

Dhruva KulkarniApril 4, 2025April 4, 2025

April 4, 2025April 4, 2025

Less than two weeks after its launch, OpenAI’s upgraded image generator in ChatGPT has raised privacy concerns by creating fake government ID cards with Aadhaar and PAN numbers.

Users on X shared concerns about security risks and called for AI regulation after screenshots showed AI-generated ID cards with fictional details.

When tested, ChatGPT refused to generate Aadhaar or PAN cards, citing legal and ethical restrictions, but allowed the creation of parody-style badges and profile cards.

In a later test, ChatGPT placed an image in a PAN card template, asking about cropping and file format preferences. The output appeared AI-generated, with minor errors in text and design.

Further refinements produced a more realistic-looking PAN card with placeholders for key details. Adding fake information made the final output more convincing.

Real Aadhaar and PAN cards have security features like holograms, QR codes, and microtext, which were absent in AI-generated versions, making them easy to spot as fake.

While these AI-generated IDs may not bypass KYC verification, scammers could still use them to deceive individuals. The increasing availability of AI tools with fewer restrictions raises further concerns.

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TECHNOLOGY

Google in Advanced Talks to Acquire NVIDIA AI Chips

Dhruva KulkarniApril 3, 2025April 3, 2025

April 3, 2025April 3, 2025

Google is reportedly in late-stage talks with AI cloud provider CoreWeave to lease NVIDIA’s Blackwell chips amid an ongoing AI chip shortage.

CoreWeave’s close ties with NVIDIA and rapid AI data centre expansion have attracted interest from companies like OpenAI and Meta.

On Wednesday, CoreWeave’s stock climbed 14% to over $60, rebounding from its $40 IPO price. This comes despite reports that Microsoft may end data centre leases, with Google potentially acquiring some of the available capacity.

With AI firms like xAI and OpenAI emphasising the ongoing NVIDIA GPU shortage, computing power remains a critical asset. If finalised, Google’s deal with CoreWeave would strengthen its AI infrastructure in an increasingly competitive market.

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TECHNOLOGY

Trump to Review TikTok Sale Plans in Wednesday Meeting

Dhruva KulkarniApril 2, 2025April 2, 2025

April 2, 2025April 2, 2025

President Donald Trump will review a proposal on Wednesday for TikTok’s US divestment from ByteDance, just days before the 5th April deadline.

The deal may involve Oracle, Blackstone, and other investors, with Oracle providing security assurances while TikTok’s algorithm remains under Chinese control.

Trump will consult with Vice President JD Vance and top officials, though it’s unclear if ByteDance or China are involved.

The sale deadline, initially set for 19th January, has already been extended once, and Trump may extend it further if needed.

Critics, including some Republican lawmakers, argue the deal may not fully address data security concerns or Chinese influence.

Trump has downplayed urgency, noting strong investor interest and suggesting he might lower tariffs to gain Beijing’s approval.

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TECHNOLOGY

India Emerges as Fastest-Growing Market for AI Voice Tech Firm ElevenLabs

Dhruva KulkarniApril 1, 2025April 1, 2025

April 1, 2025April 1, 2025

India has become the fastest-growing market for AI voice technology firm ElevenLabs, with a 50% growth in usage from November to January, driven by the country’s diverse languages and increasing demand for quality voice translation.

Founded just two years ago, ElevenLabs has achieved unicorn status, raising $180 million in its latest funding round and expanding its team from 5 to 150 employees.

The company gained attention for dubbing Prime Minister Narendra Modi’s interview with Lex Fridman and has also worked on AI voice dubbing for world leaders like Volodymyr Zelenskyy and Javier Milei.

ElevenLabs’ mission is to preserve the essence of original voices while making content more accessible, claiming to have the best voice technology.

The AI voice market is projected to reach $1.82 billion by 2030, with increasing competition from giants like Google and OpenAI.

The company has partnered with major organisations such as Star Cricket and Qube Cinema and launched a speech-to-text tool, Scribe, in 11 Indian languages with superior accuracy.

ElevenLabs remains focused on innovation, continued investment in AI research, and expanding its reach in India.

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TECHNOLOGY

Perplexity CEO: No Financial Issues, No IPO Before 2028

Dhruva KulkarniMarch 31, 2025March 31, 2025

March 31, 2025March 31, 2025

Perplexity CEO Aravind Srinivas dismissed concerns about the company’s financial health, stating it has sufficient funding, growing revenue, and no IPO plans before 2028.

A Reddit post alleged financial struggles at Perplexity, citing cost-cutting measures like Auto mode resetting user-selected models and the removal of high-quality models like o1.

Srinivas clarified that Auto mode was introduced to simplify AI products by reducing excessive buttons and menus.

He acknowledged that rapid feature rollouts, such as Answer mode, have led to bugs, quality issues, and user confusion. Srinivas apologised for the dip in quality and lack of transparency, promising to improve internal processes.

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