Foreign news: UK banks miss Apple Pay launch, Indian bank at odds with auditors, Rake steps down at 16 July 2015 4:19PM Banking Day staff Foreign news, A number of banks have missed the launch of Apple Pay service in the United Kingdom, Finextra reports. NatWest, Royal Bank of Scotland, Ulster Bank, Santander and Nationwide were ready to process payments when the service started but not HSBC, First Direct, Lloyds, TSB or Barclays. HSBC said it would be online with Apple Pay by the end of the month and Barclays said the service would be available "in the future". Reuters reports that Apple would receive "significantly less" for transactions in the UK than it does in the US, where banks pay 15 cents for every US$100 of transactions. The Bank of India has complained to the Reserve Bank of India over its auditors' treatment of a loan to corporate client Essar Steel, Business Standard reports. The loan was repaid after 92 or 93 days, before the books closed off at the end of the quarter so, BoI said, the other lenders classed their loans as standard. But not the BoI auditors, who went by the book, which mandates a 90-day cut-off. The BoI thus reported a net loss of Rs 560 million for 1Q 2015, compared with a net profit of almost Rs 5.6 billion for the comparable period in 2014. This was primarily due to the doubling of its provisions for bad and doubtful loans, which required far more capital to be held than standard loans. Barclays deputy chairman Mike Rake is to step down this year to become chairman of payments processing company Worldpay, ahead of its initial public offering, the FT reports. Rake's departure comes just a week after the bank said he was the orchestrator of Antony Jenkins's departure as chief executive, with chairman John McFarlane named as interim CEO.