MAM
Lodestar UM collaborates with LGBTQIA+ owned businesses for impact day
Mumbai : Lodestar UM, the India unit of UM, a global media agency network of IPG Mediabrands, has announced its participation in the seventh global Impact Day, under the theme, “ONE Day, ONE UM, ONE Better World.” Launched in 2016 under UM’s corporate social responsibility unit, Better World, Impact Day reflects the agency’s commitment to its core values of community, curiosity and courage.
UM employees will participate in activities around three Impact Day pillars:
· Equity – Acts of service that directly impact underserved communities.
· Sustainability – Acts of service that directly impact our planet, locally or globally.
Wellness – Acts of service that directly impact the well-being of another person’s physical or mental health.
In India, Lodestar UM has collaborated with LGBTQIA+ owned businesses such as Kai By Mangi, Dopamore, Arttitty, Sabarshh, Ash.Co, Embarque.co, Queergaon, Astitva Jewelry, Podi Nan Maga, and Scoby Labs. These businesses offer a variety of products, including natural lip gloss and oil, stylish handcrafted accessories, elegant bags and purses, vibrant shirts, handmade exquisite stone jewellery, ceramic ware, fashion apparel, bags, stone and bead accessories, lip-smacking pickles, podis and snacks, resin art accessories, and fermented drinks. By providing a platform to showcase and sell their products, the agency aims to create meaningful, tangible benefits for the community.
“Our idea for Impact Day goes beyond commerce; we aim to foster enriching connections and meaningful experiences that positively impact the community,” said Lodestar UM CEO Aditi Mishra. “By supporting LGBTQIA+ businesses, we are not only contributing to economic empowerment but also celebrating diversity and inclusion in a tangible way. Impact Day is a powerful reminder of how our collective efforts can drive meaningful change and create a better world for everyone.”
“UMers from all over the globe look forward every year to volunteering as one connected team for our beloved Impact Day tradition,” said Global CEO, UM Andrea Suarez. “Our theme this year, ‘ONE Day, ONE UM, ONE Better World’ highlights the incredible impact we can have when we harness the power of our collective action to give back to the communities in which we live, serve and flourish.”
“Impact Day is a powerful reminder of the positive change we can create when we come together as a global community. It’s a chance for UMers across APAC to make a real difference in the lives of others, and I’m incredibly proud of the diverse and impactful initiatives happening across the region,” said APAC president UM Kasper Aakerlund.
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.
