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Business News Today: Latest Business News, Finance News

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Below the Line
Our Bureaus · 2026-06-15 · via Business News Today: Latest Business News, Finance News
State Bank of India Chairperson CS Setty

State Bank of India Chairperson CS Setty | Photo Credit: SHASHANK PARADE

To make computerisation more palatable to bank employees, trade unions and associations, the exercise was called “mechanisation” in the late 80s, according to SBI Chairman CS Setty. Narrating an interesting anecdote at the recent Citi Investors’ Conference, he noted that Indian banking then was dominated by public sector banks and the government of India, through RBI, wanted to implement computerisation. “They (the government) didn’t call it computerisation. They called it mechanisation. They wanted to bring machines in the banking industry. Every employee, union, and association pushed back. They didn’t want machines,” Setty said. So, to get buy-in from all stakeholders, the government came up with a very typical Indian “jugaad” — anybody who uses a computer will get an increment.

Match fixing?

The Agricultural and Processed Food Products Export Development Authority (APEDA) recently called for applications to fill the post of Director, Basmati Export Development Foundation. It asked interested applicants to visit its website for more details. Details on the site said applicants from the private sector should not be over 55 years of age, while retired bureaucrats should not be over 62.

A little bird says this rules out a former bureaucrat who was among those short-listed initially and another person who had been thought of as a favourite to fill the post.

Trust factor

“I don’t know you. I am talking to you for the first time. How can I trust you? How do I know that you are what you claim you are over telephone?” These questions came from the chairman of a PSU when contacted for a routine media query. Even after this reporter introduced himself, explained the story and pointed to credentials available in the public domain, the executive remained unconvinced. “Is this telephone number listed in those credentials?” he asked. “If I had met you, I would speak to you. We cannot trust anyone in this fake age.”

The two-minute exchange captures a growing reality of modern reporting: before journalists can verify facts, they increasingly find themselves having to verify their own identities. In a world of spoofed calls, fake social media profiles and AI-generated impersonations, even a straightforward request for comment can begin with a trust deficit.

Checkmate

Tamilaga Vettri Kazhagam leader C Joseph Vijay may have outmanoeuvred political rivals in the recent Assembly elections, but he met his match on the chessboard on Monday. Fresh from winning the Norway Chess Championship, Grandmaster R Praggnanandhaa visited the Secretariat and engaged Vijay in a friendly game. The TVK leader made a few impressive moves, but the young chess champion quickly seized the initiative and secured victory. Vijay presented the Tamil Nadu grandmaster with a cash award of ₹50 lakh for winning the title at Norway. 

Published on June 15, 2026