MAM
Libas kicks off its annual flagship ‘Purple Days’ sale
Mumbai: Libas, a fast fashion omnichannel ethnic wear brand, has announced the return of its flagship sale – the Purple Days sale. Scheduled to run from 27 July to 4 August, this highly anticipated sale promises to deliver an exceptional shopping experience with exclusive offers and promotions. Designed to cater to the diverse tastes and preferences of Libas’ valued customers, this sale is an unmissable shopping extravaganza.
In a bid to offer a captivating user experience, the brand announced the sale through their official social media, featuring an interactive CGI campaign. Set against the backdrop of Qutub Minar, the video showcases a blimp flying through the sky, displaying a banner that announces the upcoming sale.
Libas has earned a stellar reputation for its trendsetting ethnic wear across their omni channel offerings. This year too, the Purple Days sale will be a shoppers paradise for fashion enthusiasts. Customers can look forward to unparalleled discounts, with the primary promotional offer being “Up to 70 per cent off + extra 15 per cent off*”. In addition, a range of enticing checkout and cart-level offers will be available, including “Buy four at 2199”, “five per cent off on 1499”, “10 per cent off on 1999”, and “15 per cent off on 2499”.
To further enhance the shopping experience, Libas has strategically partnered with influencers and brand ambassadors to amplify the reach and impact of The Purple Days sale. These influencers will share exclusive insights, providing customers with style inspiration and highlighting must-have items from the sale.
Moreover, Libas is delighted to announce special offline store activations throughout the sale period. Customers visiting the brand’s physical stores can expect an array of delightful surprises, including complimentary goodies from Wingreens World for purchases exceeding a specific value. These activations are aimed at creating a memorable and engaging shopping experience for the in-store customers.
Commenting on this year’s sale, Libas founder and CEO Sidhant Keshwani said, “We are incredibly excited for this year’s Purple Days Sale, which promises to be our most remarkable event yet. What sets this year’s sale apart is our comprehensive omnichannel approach, designed to ensure maximum consumer engagement both online and in stores. Our customers can enjoy the same exceptional discounts and offers, whether they choose to shop from the comfort of their homes or visit our physical locations. This seamless integration reflects our commitment to providing an unparalleled shopping experience, and we look forward to delighting our customers with the best of Libas.”
Libas remains committed to offering high-quality, stylish, and affordable fashion to its customers. The Purple Days sale is a testament to this commitment, providing an opportunity for shoppers to indulge in their favorite fashion pieces at unbeatable prices.
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.
