MAM
Ashwani Gandhi appointed CEO of Niraamaya Life
Mumbai: Niraamaya Life has appointed Ashwani Gandhi as the new chief executive officer. With over 18 years of experience, he brings a strong background in the digital space, having worked with globally renowned brands such as Pfizer, Paras Pharma (Reckitt Benckiser), Himalaya as well as global start-up Believe Pte. He is also an alumnus of IIM Lucknow & holds multiple management degrees from prestigious institutes.
Ashwani Gandhi will lead the three business verticals – retreats, D2C, and products verticals, aiming at transforming Niraamaya Life into a digitally native wellness platform. He plans to enhance retreats with personalized wellness programs, expand D2C reach through innovative e-commerce strategies, and introduce new wellness products driven by product innovation. Central to this initiative is the ‘Niraamaya Life’ Wellness app, offering services like yoga, ayurveda, sleep management, and mindfulness to promote overall health and tranquillity.
“I’m thrilled to join the Niraamaya family, a well-established and strong brand with a prominent position in the global market in the wellness segment. Our move into the direct-to-consumer space is a natural progression, and I am eager to lead this transformative journey. By expanding our offerings and innovating across all verticals, including the introduction of the ‘Niraamaya Life’ D2C App, we are looking to further enhance and elevate the wellness experience for our patrons worldwide, creating an ecosystem that nurtures health and well-being,” said Gandhi.
Niraamaya Life will be unveiling its own line of consumer products, reaffirming its steadfast commitment to luxury wellness. Niraamaya Life aims to emerge as the preferred choice for wellness enthusiasts globally, presenting an array of offerings to foster holistic well-being.
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.
