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Indian Banks Salary Hike, Swiggy Valuation, OpenAI, Microsoft, Bitcoin, UPI, X etc.

Indian Banks Salary Hike, Swiggy Valuation, OpenAI, Microsoft, Bitcoin, UPI, X etc.

Vaishali Sharma
March 09, 2024

Indian Banks Roll Out 17% Salary Hike and Saturday Holidays for Employees

17% Wage Hike Agreed: The Indian Banks' Association and bank employee unions reached a consensus on a 17% salary increase.
Saturdays as Holidays: A new policy to observe all Saturdays as holidays, pending government approval, has been established.
Financial Impact: The wage revision leads to an extra annual expenditure of approximately Rs 8,284 crore for public sector banks.
Employee Benefits Enhanced: Benefits include one day of sick leave per month for women without a medical certificate and the encashment of up to 255 days of privilege leave.
Retirement Benefits: Retired employees eligible for pension before October 31, 2022, will receive an additional monthly ex-gratia amount.

Swiggy Soars to $12.16 Billion Valuation, Thanks to Baron Capital's Confidence

Baron Capital Boosts Swiggy Valuation: Stake revaluation leads to a $12.16 billion company valuation
Increase from Previous Valuation: Surpasses the $10.7 billion valuation from early 2022.
Market Position and Growth: Swiggy holds a 45% market share in India's food delivery sector.
Industry Outlook: Positive view due to India's growing middle class, tech adoption, and favorable market dynamics.
Profitability and Expansion: Swiggy turns its food delivery service profitable and expands into new e-commerce categories.
Preparation for IPO: Plans for an initial public offering later in the year.
Competitive Landscape: Swiggy and Zomato dominate the market, with Zomato's value also on the rise.

India's AI Governance Leap: Establishing the AI Knowledge Consortium

The AI Knowledge Consortium (AIKC) has been established in India, involving twelve leading research institutions and think-tanks.
The consortium aims to promote a multi-stakeholder approach to AI governance, focusing on responsible business practices and societal oversight.
Key figures like Vivan Sharan and NS Nappinai highlight the need for an inclusive, equitable AI revolution that reflects shared values.
The launch featured the release of a report on Indian parliamentarians' views on AI, showing a strong preference for a human-centric and innovation-centric approach to AI regulation.
Global AI companies and Indian startups participated in the launch, discussing the importance of public-private partnerships for developing AI infrastructure.
The initiative underscores the collective effort towards advancing AI governance and development in India with a balanced approach to innovation and societal impact.

India's Green Energy Drive Draws $3.8 Billion FDI Boost, Says MoS Bhagwant Khuba
Bitcoin Soars Beyond $70,000, Setting a New Price Record
Disney's India Venture with Reliance: A Gateway to the World's Fastest-Growing Entertainment Market, win-win for both, says Disney CEO Bob Iger.
UPI Expands Reach: Indians Can Now Transact Seamlessly in Nepal
Japan's Rakuten Commits $10 Million to India's AI and 6G Future

Exclusive to Premium+ and Verified Orgs: X Rolls Out Long-Form 'Articles' Feature
AI Revolution Propels Nvidia Past $2 Trillion Market Cap, Leaving Amazon and Google in Its Wake
Ahead of Going Public, Reddit Rolls Out Tools for Business Growth, called ‘Reddit Pro’
Apple Updates VisionOS to 1.1, Offering Enhanced Personas for Users