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Amazon India
Amazon India and the Information and Broadcasting (I&B) Ministry on Wednesday announced they signed a pact to boost India's creative economy. As part of the letter of engagement (LoE), Amazon and the ministry will help build pathways to promote creative talent in India, create capacity across eminent film and TV institutes, and globally showcase Made in India creative content. The LoE was signed at The National Media Centre here in presence of I&B Minister Anurag Thakur; Chetan Krishnaswamy, Vice President, Public Policy at Amazon India; and Gaurav Gandhi, Vice President, Asia Pacific, Prime Video. According to a press release issued by the company, Prime Video and miniTV will both work towards providing internships, and scholarships to students at Film and Television Institute of India (FTII) and Satyajit Ray Film and Television Institute (SRFTII). To further the 'Azadi ka Amrit Mahotsav' initiative, content from National Film Development Corporation of India (NFDC), national
The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements," the RBI said in a statement. The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. "After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said. The central bank, however, added the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the Amazon Pay (India) with its customers. Amazon Pay is the ..
E-commerce company Amazon plans to lay off around 1,000 employees in India as part of its biggest retrenchment exercise across the globe, according to sources. The company has announced the elimination of over 18,000 roles across the globe due to uncertain economic conditions. "The decision to eliminate 18,000 job roles across the globe will impact about 1,000 employees in India," the source said. Another source said Amazon has 1 lakh employees in India and the decision will impact 1 per cent of staff in the country. When contacted, an Amazon India spokesperson did not offer any comment but shared the blog link of Amazon CEO Andy Jassy where he has informed the company's decision to eliminate 18,000 roles across the globe. "Between the reductions, we made in November and the ones we're sharing today, we plan to eliminate just over 18,000 roles. Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT organisations," Jassy said. As of