MAM
From stadiums to sightseeing, sports tourism takes centre stage in India
Mumbai: In recent years, sports tourism has been gaining attention and growing rapidly as a segment in the travel industry. According to industry research, the global sports tourism market is projected to reach $ 1.8 billion by 2030, fueled by fervent fans eager to combine travel with their love of sports.
Major sporting events have been attracting fans from around the world, showcasing their passion and enthusiasm for sports. According to Booking.com’s Travel Trends data for 2024, 45 per cent of global travellers want to travel for sports and attend events like the World Cup, Paris Olympics, Formula 1. This trend is especially strong in India, where nearly three-quarters (73 per cent) plan to travel for international sporting events in 2024. According to Booking.com’s flight data, India is even among the top 5 Asian booker countries for the upcoming Paris Olympics 2024.
Domestic Sports Fandom
Sports fandom isn’t limited to international events. 76 per cent of Indians would travel for local sports competitions and events in their home city or state and 70 per cent expressed interest in travelling for national events like Indian Premier League, Pro Kabaddi, Indian Super League and more.
Sports as a travel factor
Booking.com’s Travel Trends data for 2024 also reveals that 23 per cent of Indian travellers consider sporting events when choosing travel destinations. Some of the key motivators that are driving Indians to travel for sports are:
– The excitement of the game: 71 per cent of Indians said they would pack their bags to witness their favourite player, team or sport in-person.
– Meeting friends or family overseas: 67 per cent of Indians see sporting events as an opportunity to connect with their friends or family living elsewhere.
– Connecting with new fans: 65 per cent of Indians travel for a sporting event to connect with other fans in a new destination.
– A reason to holiday: 56 per cent of Indians travel for a sporting event just to make a trip out of the occasion.
Booking.com country manager India, Sri Lanka, Maldives and Indonesia Santosh Kumar said “Sports tourism gives travellers an opportunity to combine the joy of exploring new destinations while enjoying their favourite team or players in action, boosting local economies and tourism. Easier visa access, improved connectivity and rising disposable incomes are some of the factors driving this trend. For all sports enthusiasts journeying across India and the world, Booking.com remains committed to enhancing their travel experiences by offering various travel components like rental cars, flights, attractions and unique places to stay to create a comprehensive, integrated itinerary.”
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.
