Brands
Libas unleashes massive Purple Days Sale with huge discounts and live activations
MUMBAI : Libas has kicked off its highly anticipated ‘Purple Days Sale’, offering unbeatable discounts and immersive shopping experiences. Running from 22 February to 2 March 2025, the sale delivers up to 70 per cent off online and an exclusive everything under Rs 999 promotion at Libas’ retail outlets.
Shoppers are also being treated to engaging on-ground activations, creating a vibrant and dynamic shopping atmosphere. The sale launch featured a striking drop-down banner at key Libas stores, a flash mob at Omaxe Chowk, Chandni Chowk, and purple-themed giveaways such as complimentary ice lollies. Adding to the excitement, the first 100 customers at select outlets received an additional Rs 1,000 discount.
To boost visibility, helium balloons and LED tricycles displaying promotional offers have been deployed across major shopping hubs, while daily pamphlet distributions continue to spread the word.
“At Libas, we don’t just sell fashion; we create immersive experiences. The ‘Purple Days Sale’ is our way of offering customers incredible value while making shopping truly exciting,” said Libas founder & CEO Sidhant Keshwani.
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.
