MAM
Karnataka clears Rs 4,824 crore investment projects across 13 districts
37 new industries approved, projects expected to create 14,525 jobs.
MUMBAI: If investment is the fuel of economic growth, Karnataka has just stepped on the accelerator. The Government of Karnataka has approved industrial projects worth Rs 4,824.31 crore, a move expected to generate 14,525 new employment opportunities across the state, according to a report by Press Trust of India. The approvals were granted during the 158th meeting of the Karnataka State Level Single Window Approval Committee, chaired by state industries authorities.
Karnataka industries minister M B Patil said the committee cleared 37 new industrial proposals and two additional investment projects spread across 13 districts, including Vijayapura, Bagalkote, Chitradurga, Kolar and Ramanagara.
The projects span a wide range of sectors such as information technology infrastructure, sugar manufacturing, technical textiles, compressed biogas, aerospace, jewellery manufacturing, electronics, software services and hospitality, including five star hotel development.
Patil said the diverse mix of industries reflects Karnataka’s strategy of attracting investments across both traditional manufacturing sectors and emerging technology driven industries.
Of the total proposals cleared, 22 projects fall under the large and medium industry category, each involving investments of more than Rs 50 crore.
Together, these projects account for Rs 3,908.68 crore in investment and are expected to create approximately 12,475 jobs.
Another 15 projects are classified as new industrial ventures with investments ranging between Rs 15 crore and Rs 50 crore. These projects collectively represent Rs 350.60 crore in investment and are expected to generate around 1,750 jobs.
In addition, the committee approved two further projects worth Rs 565.03 crore, which are expected to create about 300 employment opportunities.
Among the notable proposals cleared by the committee is a major information technology infrastructure development project by Bagmane Constructions Private Limited with an investment of Rs 494.65 crore.
Another significant project involves Karnataka Bangaru Sugars Pvt Ltd, which received approval to establish a sugar manufacturing facility worth Rs 443.50 crore.
In the textiles sector, Kleine Pax Ltd secured approval to set up a technical textiles manufacturing unit involving an investment of Rs 376 crore.
The hospitality sector also saw a major proposal, with Trishul Buildtech and Infrastructure Pvt Ltd receiving approval to develop a five star hotel project worth Rs 300 crore.
Meanwhile, the state also cleared a compressed biogas production facility by Troult Grass Pvt Ltd involving an investment of Rs 257.77 crore in Mudhol.
In the electric mobility segment, Tsuyo Manufacturing Pvt Ltd has been approved to set up a motor and controller manufacturing facility for electric vehicles, with an investment of Rs 250 crore.
Officials said the distribution of projects across multiple districts is expected to strengthen regional industrial development and expand employment opportunities beyond the state’s established technology hubs.
With the approvals spanning sectors from traditional manufacturing to next generation technologies, Karnataka aims to reinforce its position as one of India’s leading investment destinations while supporting job creation across diverse industries.
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.
