Brands
Lubrizol names Abhishek Shrivastava as IMEA managing director
MUMBAI: Lubrizol has appointed Abhishek Shrivastava as managing director for India, Middle East and Africa (IMEA), underlining the strategic weight of the region in its global growth plans.
Shrivastava, who has been with the company for nearly two decades, was previously vice-president of innovation and decision science. In that role he drove the development of growth platforms, sustainable product pipelines and digital capabilities. His new remit spans everything from customer engagement to regional manufacturing and supply-chain expansion, with an emphasis on a local-for-local model.
Lubrizol president and chief executive Rebecca Liebert said Shrivastava’s “blend of industry knowledge, technical depth and ability to match innovation with customer needs” made him the right choice to spearhead the next phase.
Shrivastava said India, the Middle East and Africa were “dynamic regions full of opportunity and home to exceptional talent”, adding that Lubrizol would double down on localised innovation and partnerships to stay competitive.
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.
