MAM
Havas Group Indonesia appoints Sumit Kanungo as group strategy director
New Delhi: Havas Group Indonesia has appointed Sumit Kanungo as group strategy director, effective immediately.
Kanungo joins the agency with over two decades of experience in strategic planning and buying, during which he has launched and built large brands across various categories like food and beverage, personal care, homecare, healthcare and fintech. He has also led multi-location teams and managed blue-chip clients working at Starcom Mediavest Group, Crest (Platinum Advertising), Lintas Media Group, Emami, and Mediaedge: CIA (MEC) India to name a few, said the agency on Friday.
In this role, Kanungo will lead the growth strategy for the group and report to Havas Group Indonesia CEO Satyajit Sen and chief strategy officer for SEA and India Charu Aggarwal.
“We are thrilled to have him join our team. He brings strong strategy and insight that will guide Havas Indonesia in determining the most meaningful media mixes for our clients. His background will help us continue delivering sound strategies and identifying ways to elevate our clients’ brand presence in Indonesia,” said Sen.
Aggarwal added, “At Havas we are all about creating a meaningful difference across businesses, brands and people. Tapping into the trends of tomorrow with proprietary studies like Prosumers and Meaningful brands, Sumit will blend our intelligence toolbox with the cultural nuances in Indonesia to deliver MX experiences that resonate with consumers and deliver business results.”
Kanungo shared he is looking forward to join the Havas Indonesia team. Said he, “With the rapid digital transformation across the globe, strategy and insight will provide the pathway to success. Finding ways to connect people and brands in a meaningful way is now more important than ever.
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.
