Brands
LeEco launches Le 2 and Le Max2, along with LeMall
MUMBAI: LeEco has unveiled its second generation ‘superphones’, Le 2 and Le Max2, with the company’s symbolized content ecosystem and membership. The giant venture has also launched its marketplace e-commerce website LeMall.
The company also revealed a Continual Digital Lossless Audio (CDLA) type-C earphone. At the event which was conducted today at New Delhi, LeEco’s official song was also revealed, composed and produced by Pritam’s studio Jam8 and sung by Nakash Aziz.
Le Holdings VP and APAC CEO Tin Mok said, “Today is an extremely important day for us in our India journey so far. It marks our entry into the thriving e-commerce industry with the launch of LeMall. Additionally, we are thrilled to bring our second generation Superphones with supertainment to India. Also, we’re happy to have achieved a significant milestone by pioneering digital lossless sound experiences. As forerunners in bringing the breakthrough technology as well as great features at a disruptive price, we remain committed to bringing best-in-class devices and services to our users in India.”
Le 2 comes at a price of Rs. 11,999, including one year membership, which is worth Rs 4,900 if purchased alone while for Le Max2, the 4GB+32GB model will cost Rs 22,999, and the 6GB+64GB version will be at a price of Rs 29,000 and will include a one-year membership.
Both Le 2 and the Le Max2 will be available on Flipkart and LeEco’s very own marketplace e-commerce website LeMall.com soon. Registration for both the models will be open on 20 June on Flipkart.
LeEco India smart electronics business COO Atul Jain unveiled the 2nd generation of Superphones, calling them redefine product value. “LeEco is ushering into the ET Era, or what we call Ecosystem Technology Era. It’s time to end the practice of taking the consumers a ride and put an end to profit-oriented business models, but actually redefine product value”, he added. He also shared that the devices, new and old, are now gradually available in retail stores across the country, apart from the online point of sale through Flipkart and LeMall. As reported earlier by indiantelevision.com, the company expects to launch its own brick and mortal stores in the upcoming two months.
LeMall will serve as the primary channel for customers to engage with LeEco and become a part of the ecosystem through the products and services.
“All the announcements we made today are in synergy with our expansion plans in India and are a testimony to our commitment to the Indian market. We are very grateful for the tremendous user responses we have received so far on all our products and services. We remain committed to raising the bar each time and creating newer industry benchmarks with our technological prowess”, added Mok.
In the coming months, through LeEco Membership program, users can get access to a collection of 2000+ movies. LeEco is all set to have the largest collection of blockbuster and award winning movies from across the world including top Regional Cinema from India – across Hindi, Tamil, Telugu, Marathi & Bengali films. Meanwhile, the program provides 3000+ hours of curated shows, 150+ live TV channels and 3.5 million songs for users’ choices. LeEco takes the lead in offering 1.9 million songs with lossless audio, bringing the users’ audio experience to a brand new height.
LeEco has ambitious plans to set-up fully owned exclusive retail stores in top 8 to 10 cities, starting with New Delhi, Mumbai and Bengaluru along with 500 franchise stores. The company will showcase its entire product and services ecosystem at the stores; ranging from phones, TVs, VR Headsets, Bluetooth devices and power banks.
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.
