MAM
Jabong appoints Rahul Taneja as CBO
MUMBAI Online fashion destination Jabong has announced the appointment of Rahul Taneja as the company’s Chief Business Officer. He will report directly to the CEO, Sanjeev Mohanty and will be responsible for overseeing Category management, pricing, creative campaigns and offline / brand marketing.
On this appointment Mohanty said, “Rahul has a tremendous ability to manage categories and build brands. With his addition to the leadership team, we can now focus on growing the business using core category strengths instead of discounts as a lever and bring in consumer focus on growth categories which could result in profitable growth. I am very sure that Jabong now has one of the best e commerce teams in the country with a very balanced, online and offline experience and a very diverse background in scaling businesses profitability. This now completes the leadership hiring which directly reports to me. We are now ready to go full throttle on the task at hand.”
This is the fifth top management appointment in Jabong under Mohanty’s leadership.
Jabong had recently announced the appointment of Muralikrishnan B as its Chief Operating Officer and Deepa Chadha as its Chief Human Resource Officer. The company had previously strengthened its leadership by appointing Ranjan Kant as Chief Marketplace Officer and Kalyan Kumar as Chief Merchandising Officer.
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.
