Road Accidents,Paytm,RBI,Hundai and Kia,Google, Etc

March 15, 2024

Workforce Reduction: Paytm Payments Bank Faces Uncertain Future

  • Paytm Payments Bank, facing regulatory pressure, plans layoffs affecting approximately 20% of its workforce.

  • Layoffs coincide with the regulatory deadline to halt most operations by March 15 due to compliance breaches.

  • Despite prior assurances from management, layoffs are happening during the appraisal season, affecting employees with low ratings.

  • Ongoing appraisal adjustments are distinct from layoffs, according to Paytm spokesperson.

  • Uncertainty remains about the bank's future role and the fate of its employees post-business halt.

  • Paytm expects to receive a licence from NPCI allowing customers to continue using the Paytm app for payments through UPI.

Government Launches Pilot Programme for Cashless Treatment of Road Accident Victims

Taxi car damaged in a crash.

  • Government launches pilot programme for cashless treatment of road accident victims under amended Motor Vehicle Act 2019.

  • Pilot, initiated in Chandigarh, aims to provide timely medical care, including during the golden hour post-accidents.

  • Victims entitled to cashless treatment up to Rs 1.5 lakh per accident for a maximum of 7 days; reimbursements from Motor Vehicle Accident Fund.

  • National Health Authority (NHA) to implement the programme in coordination with police, hospitals, and State Health Agencies (SHAs).

  • IT platform combining e-Detailed Accident Report application and Transaction Management System to facilitate the process.

  • Nationwide expansion of cashless treatment facility contingent upon pilot programme's success.

  • The Ministry of Road Transport and Highways Secretary highlights free and cashless medical treatment for accident-injured victims as part of amended Motor Vehicle Act 2019.

Tightening the Regulatory Screws: RBI's Crackdown on Financial Violations

  • RBI shifts from lenient penalties to substantial fines, impacting firms like JM Financial, IIFL, and Paytm Payments Bank.

  • Governor Shaktikanta Das emphasizes a consultative approach to policymaking but employs strict enforcement measures for regulatory compliance.

  • Recent actions include ordering Paytm Payments Bank to cease operations, penalizing JM Financial and IIFL for violations, and imposing heavy fines.

  • These penalties signal a significant change in RBI's regulatory enforcement strategy, aimed at ensuring compliance and market stability.

  • Recent blow-ups in the financial sector prompted RBI to review and strengthen its supervision and enforcement practices.

  • RBI employs advanced tools like stress testing, data analytics, AI, and machine learning to enhance its supervisory framework and prevent future crises.

  • Governor Das aims to "future-proof" the Indian financial system through robust enforcement measures and systemic reforms.

Briefs, You Can’t Miss:

  • Citroen Accelerates India Expansion: Set to Multiply Sales Network, Aiming for 200+ Outlets by Year's End

  • Maldives Tourism Hit Hard as Indian Visitors Stay Away, Industry Feels Economic Strain: Reports

  • Despite Price Slashes, Electric Car Sales Plummet to 5-Month Low in February.

  • Tata Motors Announces ₹9,000-Crore Investment for New Plant in Tamil Nadu.

  • Paytm Payments Bank Closure: March 15 Deadline Brings Limitations on Services.

  • Qualcomm Commits to Crafting Roadmap for Industrial Electronics and 6G Labs, Confirms Union Minister Ashwini Vaishnaw

  • Government Set to Introduce Policy to Boost Semiconductor Ancillary Firms, Announces Rajeev Chandrasekhar.

  • Decathlon Targets India's Top 5 Market Position in Next 5 Years, Eyes Over 90% Local Sourcing: Top Executive Reveals

  • Reliance Set to Acquire 13% Stake in Viacom18 from Paramount for Rs 4,286 Crore

  • I&B Ministry Takes Action: Blocks 18 OTT Platforms Over Vulgar Content Concerns

World Briefs

  • Larsen & Toubro Secures Key Gas Pipeline Project in the Middle East

    Hyundai and Kia to Recall Nearly 170,000 EVs in South Korea Due to Software Issue

  • Stripe Reports Payment Volume Surged to $1 Trillion Last Year

    TikTok Fined in Italy Following 'French Scar' Challenge, Sparking Consumer Safety Probe

AI Briefs

  • Nvidia will offer developers a preview of its new AI chip next week.

  • Google Revamps Chrome's Approach to Detecting and Alerting Users About Unsafe Sites