MAM
Accor Showcase 2024 successfully concludes in Delhi and Mumbai
Mumbai: The curtains have closed on Accor Showcase 2024, a ground-breaking business-to-business (B2B) event that unfolded with tremendous success in Delhi at Pullman, Aerocity on 21 February 2024 and in Mumbai at Novotel Mumbai International Airport on 23 February 2024. This dynamic showcase not only met but exceeded expectations, leaving an indelible mark on the landscape of hospitality collaboration and innovation.
Accor Showcase 2024 created an immersive experience, fostering dynamic discussions on meetings, incentives, conferences, and exhibitions (MICE) that resulted in positive conversions. Over 50 Accor properties worldwide were represented, drawing active participation from corporates, travel partners, wedding planners, travel agents, and airline partners.
The culmination of Accor Showcase 2024 saw participation from a diverse array of countries, including the United Arab Emirates, the United States of America, India, Turkey, Thailand, Vietnam, Singapore, Indonesia, and many more underscoring its international significance and impact. Attendees from these nations enriched the discussions with their unique perspectives, contributing to the event’s success as a global platform for collaboration and innovation in the hospitality sector.
Furthermore, the spotlight was on the ALL-Accor Live Limitless loyalty program which captivated attendees, reaffirming Accor’s commitment to delivering exceptional guest experiences and setting new standards for loyalty in the industry. Attendees were privy to the latest updates on the ALL-Accor Live Limitless loyalty program and its offerings, signalling Accor’s unwavering commitment to delivering exceptional guest experiences. It also focused on the luxury, premium, mid-scale and economy segments with captivating conversations.
Accor India & South Asia head of commercial Pratima Badhwar said, “Accor Showcase 2024 has been a testament to our commitment to innovation and pushing the boundaries of hospitality. The positive responses received in both cities affirm that we are not just setting trends; we are defining the future of hospitality.”
Accor Showcase remains the highly respected and anticipated hotel exhibition in the travel and tourism industry. The event concluded with an engaging evening featuring the finest food and beverage offerings, leaving participants inspired and eager to embrace the evolving landscape of hospitality.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
