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Alliance Insurance Brokers names Aatur Thakkar CEO
MUMBAI: Alliance Insurance Brokers Private Limited has ushered in a new chapter by appointing Aatur Shashikant Thakkar as its chief executive officer and principal officer. The move signals a generational shift at one of India’s leading insurance and reinsurance brokerage firms, with growth firmly at the centre of the agenda.
Thakkar takes over from founder Shashikant Thakkar, who steps aside after building Alliance into a trusted name in insurance services and risk management. The founder will continue to play an active role, offering strategic guidance as the company sharpens its expansion plans.
The new CEO is clear about his ambitions. Over the next three financial years, Alliance aims to scale premiums under management to Rs 5,000 crore, while doubling the size of its reinsurance business. The strategy rests on widening the company’s reach across corporate insurance, B2B channels, strategic partnerships and digital platforms, all designed to keep growth steady and sustainable.
Commenting on the appointment, Alliance director Shashikant Thakkar, said Aatur’s long association with the firm made him a natural choice. Having grown within the organisation, he brings both continuity and a fresh perspective to the role.
For his part, Aatur Thakkar struck an upbeat note. He described the moment as both an honour and a responsibility, adding that Alliance is entering a decisive phase driven by scale, innovation and disciplined execution. The company closed FY25 with premiums under management of over Rs 1,500 crore and is targeting Rs 2,500 crore by the end of FY26.
With more than two decades at Alliance, Thakkar knows the business from the inside out. His blend of institutional memory and forward-looking ambition positions him to steer the firm through its next growth cycle, making insurance sound, if not thrilling, then at least a lot more interesting than before.
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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.
