MAM
Jaibeer Ahmad quits Saatchi & Saatchi to join Cheil Worldwide
MUMBAI: Saatchi & Saatchi vice president Jaibeer Ahmad has decided to move on from the agency after a stint of over two years.
Ahmad is on his way to join Cheil Worldwide. However, his designation at Cheil is still not announced.
He will continue to be based in New Delhi. His responsibilities at Saatchi & Saatchi included driving top line growth through organic and new business development, relationship management, ownership of the strategic and creative output for all brands, team building, retention and training.
Ahmad has over 12 years of experience in advertising and marketing. He has worked across multiple product categories including Telecom, FMCG, Durables, Online and Media others. He has worked with brands like Airtel, Nestle, LG, Samsung, Whirplool, SC Johnson, Carlsberg, OLX and India Today.
Prior to joining Saatchi & Saatchi, he had also worked with DRAFTFCB+Ulka Advertising, Ogilvy & Mather, Lowe Lintas, Samsung Electronics, Rediffusion DYR and RKSwamy BBDO.
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.
