Jio Payments Bank, a subsidiary of Jio Financial Services, has made significant strides in the digital payments and highway management sector. The bank has secured a contract to implement an advanced tolling system on the Gurugram-Jaipur highway, marking a notable development in India's electronic toll collection infrastructure.

Contract Details

Jio Payments Bank has been awarded a contract to deploy an Automatic Number Plate Recognition (ANPR)-based Multi-Lane Free Flow (MLFF) tolling system at two key locations:

1. Shahjahanpur toll plaza
2. Manoharpura toll plaza

Both these plazas are situated on the busy Gurugram-Jaipur highway, a crucial route connecting two major cities in northern India.

Technology and Implementation

The MLFF system represents a significant advancement in electronic toll collection technology. Here are the key features of this system:

• Enables electronic toll collection across multiple lanes
• Allows vehicles to pass through without slowing down
• Integrates multiple technologies:
  • Radio-Frequency Identification (RFID)
  • Automatic Number Plate Recognition (ANPR)
  • Dedicated Short-Range Communication (DSRC)
  • Global Navigation Satellite System (GNSS)

This integrated approach aims to streamline the toll collection process, potentially reducing traffic congestion and improving the overall driving experience on highways.

Tender and Project Details

The contract was awarded through a tender process conducted by the Indian Highways Management Company Limited. This project is part of India's pilot MLFF initiative, showcasing the country's move towards more efficient and technologically advanced highway management systems.

Jio Payments Bank's Growing Presence in Highway Management

This contract win is not an isolated achievement for Jio Payments Bank. The company has been expanding its footprint in the highway management sector:

Future Plans and Synergies

Jio Payments Bank is not stopping at toll collection. The bank has outlined plans to leverage its parent company's technological prowess:

1. Explore synergies with Jio Platforms to support toll management operations
2. Strengthen digital payments infrastructure across highways

These initiatives are expected to contribute to the broader goal of digitizing and streamlining India's highway payment systems, potentially leading to improved efficiency and user experience for millions of highway users.

The successful implementation of this project could serve as a model for future highway management systems across India, potentially transforming the way toll collection is managed on the country's vast road network.

Fino Payments Bank has reached a settlement with the Securities and Exchange Board of India (SEBI) regarding disclosure violations, agreeing to pay Rs 5.88 lakh to resolve the case. The settlement comes in response to the bank's failure to make timely and complete disclosures about fraudulent activities perpetrated by its employees.

Disclosure Violations

The case revolves around the bank's handling of 15 complaints alleging fraudulent investment schemes by its employees. Key points of the violation include:

• Fino Payments Bank received an investigation report from KPMG on November 8, 2023.
• The bank was required to disclose this information within 24 hours, by November 9, 2023.
• The bank failed to make adequate and timely disclosure as mandated under LODR (Listing Obligations and Disclosure Requirements) Regulations.
• Subsequent updates, as required by regulations, were also not provided.

Settlement Details

Implications

This case highlights the importance of prompt and transparent disclosure practices for listed entities, especially in matters involving potential fraud or misconduct. It serves as a reminder for financial institutions to maintain rigorous compliance with SEBI's disclosure requirements to ensure market integrity and investor protection.

While the settlement allows Fino Payments Bank to resolve the issue without a formal admission of wrongdoing, it underscores the need for robust internal controls and reporting mechanisms to prevent such lapses in the future.