Brands
Irrfan Khan named brand ambassador for Xolo
NEW DELHI: Actor Irrfan Khan has been named as the new brand ambassador of LAVA International’s Xolo brand.
Xolo has forged industry-leading partnerships including Intel, NVIDIA and Qualcomm amongst others, in order to provide differentiated technology to the new-age, discerning consumers.
In 2013, Xolo also partnered with the iconic Liverpool FC, which signifies the company’s long-term intent to promote football across the sub-continent, to strengthen the engagement with younger, new-age consumer.
Xolo business head Sunil Raina said, “We are pleased to announce Irrfan Khan as brand ambassador and the face of Xolo brand. Irrfan Khan is an internationally acclaimed actor who has made his mark in both Indian and Hollywood cinema. He makes a perfect fit with our brand values of passion, curiosity and honesty and will be instrumental in communicating the benefits of Xolo to consumers across India.”
Khan is equally popular among the urban as well as the semi-urban audience, which will distinctly bring forth shared synergies, values and beliefs and help Xolo further expand its reach.
Khan said, “I am excited to represent a forward-looking innovator like Xolo. To me, Xolo spells technology, innovation and evolves with the usage patterns of the consumers. I am looking forward to this association and the next line up of innovative products from Xolo.”
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.
