MAM
Lava Mobiles becomes Punjab Kings’ official smartphone partner for the upcoming T20 season
Mumbai: Lava Mobiles, the leading Indian smartphone brand, is thrilled to announce a partnership with Punjab Kings, one of the key franchises of the Indian T20 League. With this strategic collaboration, Lava Mobiles is now the official smartphone partner of Punjab Kings for the 2024 season.
This alliance marks a significant milestone for both Punjab Kings and Lava Mobiles as they symbolise a journey of determination and perseverance in their respective domains. Lava Mobiles, a renowned name in the Indian mobile handset industry, has continuously demonstrated a commitment to revolutionising the smartphone landscape with its cutting-edge technology and unwavering dedication to quality.
“We are excited to partner with Punjab Kings” said Lava International marketing Puravansh Maitreya. “This collaboration is an effort to reach out and connect with our young cricket loving audience. With this partnership, we aim to leverage the power of cricket to bring fans closer to the action and enhance their engagement with the brand.”
The excitement of this partnership is further heightened by the anticipation of Punjab Kings’ first match of the season against Delhi Capitals on 23 March. As fans eagerly await the thrilling action on the field, Lava Mobiles and Punjab Kings are poised to captivate audiences with their dynamic collaboration, leaving a permanent mark on the world of cricket and technology.
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.
