MAM
Dentsu Webchutney hires Havas’ Gaurav Soi as EVP
MUMBAI: Dentsu Aegis’ digital agency Dentsu Webchutney, has appointed Gaurav Soi to head its new business operations, nationally as executive vice president (EVP).
Soi will report to Dentsu Webchutney CEO Sidharth Rao. He joins the agency from Havas Worldwide, Mumbai where he was senior vice president.
As part of his new mandate, Soi will identify and channelise new opportunities for the agency across its offices in Mumbai, Delhi and Bengaluru.
On his appointment, Soi said, “The most commonly used word in conversations today is digital. It is no longer the future. It is here and now! Denstu Webchutney has a proven track record and is associated with very prestigious brands. Known for its quality product and forward thinking, I am extremely proud to be a part of this team. The company is aggressively focusing on growth; and yet, we will need to retain the quality of our product across client offerings. It is this balance that will make the road ahead a very exciting one.”
Rao added, “Dentsu Webchutney has now entered its next phase of growth and it’s absolutely essential for us that we use the right kind of experiences to steer this growth forward. Gaurav comes in with immense experience and exposure across clients and categories. And his appointment will only further catalyse the strength that already holds the Dentsu Webchutney fort so strong. I am extremely happy to welcome him on board.”
With more than 15 years of experience, Soi has worked with agencies including The Grey Group, Mumbai, Ambience Publicis, Metal Communications and Havas Worldwide. He has also been part of the events and activations industry through Line Communications.
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.
