No Need to PANIC: Zerodha's AI Policy Puts Employees in 'Invincible' Mode

Saturday, May 13th 2023

Good Morning ☕

Hold on tight, because Zerodha's CEO Nithin Kamath has just dropped a bombshell on AI job fears! In a move that left robots scratching their heads, Kamath announced a new policy ensuring that no employee will be fired due to the integration of AI. It's a classic case of turning the tables, as the robots who were once seen as job-stealing villains are now relegated to the sidelines, while humans take center stage. Nithin Kamath just pulled a plot twist that even AI didn't see coming! Time to throw a robot party in the break room!

India's Vital Vibes: Unmasking the Must-Know News!

1. 'Zerodha won't fire anyone because of AI': CEO Nithin Kamath shares new policy.

Zerodha, an Indian finance firm, committed not to terminate employees even if AI makes their roles obsolete. CEO Nithin Kamath introduced this AI policy to mitigate job loss concerns, highlighting potential societal disruption and increased inequality due to AI integration in economic systems. Kamath criticized businesses prioritizing profits over employees and other stakeholders, which could lead to blaming AI for increased layoffs and wealth disparity.

2. 728 Railway Stations across States and UTs covered under One Station One Product

India's Railways Ministry introduced the One Station One Product (OSOP) scheme to support local products and marginalized communities. The scheme showcases regional uniqueness through products like handicrafts, textiles, and local food at 785 OSOP outlets across 21 states and three union territories. Since its launch in March 2022 until May 2023, it has benefitted 25,109 individuals, with future growth expected due to its increasing popularity.

3. WhatsApp introduces Channels feature for beta testers on Android

WhatsApp is trialing two features with beta testers: editing sent messages within 15 minutes, and "channels" for broadcasting information to multiple recipients. The "channels" feature, currently tested with Android version 2.23.10.14, will replace the Status tab and show followed channels in a specific section. Both features are expected to roll out to all users soon.

4. 24 big importers found evading Rs 11,000 crore IGST

The Indian tax authorities (DGGI and DRI) have sent notices to 24 big importers, accusing them of avoiding paying about ₹11,000 crore in taxes. These importers, mostly in steel, medicine, jewelry, and textiles, are located in Mumbai, Kolkata, and Chennai. They were caught using a program called ADVIT that analyzes tax data. The government wants to improve ADVIT to get more information about importers and exporters. Vivek Johri, the head of CBIC, mentioned this in a letter to all tax departments, talking about new ways to analyze tax revenue and trends.

5. CBSE 10th Result 2023: Class 10 results out, pass percentage at 93.12

The CBSE reported a 93.12% pass rate for Class 10 exams, a 1.28% decrease from last year. It will not release a merit list but will award top 0.1% performers in each subject. Girls surpassed boys with a 94.25% pass rate compared to 92.27% for boys. 1.34 lakh students must reattempt failed subjects, classified under the compartment category.

6. RBI imposes Rs 2.92 crore penalty on Canara Bank

The Reserve Bank of India (RBI) has fined Canara Bank Rs 2.92 crore for several violations. These include not linking loan interest rates to external benchmarks and opening savings accounts for people or organizations not eligible. The bank also wrongly registered fake mobile numbers for credit card accounts and didn't pay interest on certain prematurely withdrawn deposits. These issues were discovered during an RBI investigation in 2020 after another bank reported a significant fraud.

Breaking News: The Scoop You Can't Miss!

1. Maruti Suzuki India plans to invest over $5.5 billion to double capacity by 2030

Maruti Suzuki India Ltd, the country's top carmaker, is expected to invest more than $5.5 billion to double its production capacity to four million vehicles annually by 2030. Meanwhile, Maruti Suzuki India's share of ad spending on digital is stabilizing at around 30-32% of the overall pie, according to Ram Suresh Akella, Executive Director for Marketing.

2. Manish Sisodia's judicial custody extended till June 2 in liquor policy case

Delhi Deputy CM Manish Sisodia's judicial custody has been extended till June 2 in the CBI case related to the liquor policy case. He was arrested by CBI and ED for alleged irregularities in the excise policy of the Government of Delhi. On Thursday, the Delhi High Court reserved the order on the regular and interim bail pleas of Sisodia, who sought interim bail on the ground of his wife's illness.

3. India's retail inflation eases to 18-month low of 4.7% in April

India's retail inflation rate dropped to an 18-month low of 4.7% in April on an annual basis, compared to 5.66% in March, due to lower food and fuel prices as well as a low base effect. The inflation rate remained within the Reserve Bank of India's (RBI) target range of 2-6% for the second consecutive month. In April, the consumer food price index (CFPI) eased to 3.84%. The rural and urban inflation rates were 4.68% and 4.85%, respectively, while the inflation rate for vegetables declined by 6.5%. The food and beverage segment's inflation level was 4.22%, while the fuel segment's inflation level was 5.52%.

4. CBI books Sameer Wankhede, and others in a corruption case

The CBI has registered a corruption case against former NCB officer Sameer Wankhede for allegedly seeking a bribe of ₹25 crore from the owners of the Cordelia ship where Shah Rukh Khan's son, Aryan Khan, was arrested in an alleged drug case. Four others have also been named in the same case for seeking a bribe of ₹25 crore to "not frame" Aryan Khan. The CBI is conducting raids at Wankhede's residence and 28 other locations across Mumbai, Delhi, Ranchi, and Kanpur. Aryan Khan was given a clean chit by the NCB in May 2022 due to lack of sufficient evidence.

5. Wrestlers' Protest: SIT formed to investigate allegations against WFI chief

The Delhi Police have formed a Special Investigation Team (SIT) to probe sexual harassment allegations against WFI President Brij Bhushan Sharan Singh. Olympic champions and wrestlers are leading an 18-day protest demanding his arrest. Singh faces severe charges, including the exploitation of women wrestlers, including a minor. Two FIRs have been filed against him, including one under section 10 of the POCSO Act. The SIT comprises six police teams, including four women officers, who will conduct further interrogation.

6. EB-5 visa: ‘Dramatic increase in interest among Indians,’ says expert

The US EB-5 visa program, also called the "Golden Visa," offers foreign investors permanent US residency in exchange for substantial investments and job creation. Recently revised, the program has seen a rise in wealthy applicants worldwide. Indian investors, in particular, have shown increased interest in the EB-5 program as an alternative to student visas and H-1B visas. Established in 1990, the program aims to boost the US economy by attracting foreign investors who contribute capital and generate employment.

7. Indian govt to launch faster immigration clearance scheme for trusted travellers

The Indian government will introduce a 'Trusted Traveller Programme' to alleviate airport congestion and expedite immigration clearance for pre-verified travellers. Initially piloted at Delhi and Mumbai airports in 2023, it will expand to 15 more international airports by 2027 and eventually cover all airports by 2032. The programme aims to streamline immigration clearance for Indian passport holders using technology like e-gates. The specifics of the verification system are yet to be determined, but the scheme will be limited to Indian passport holders.

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