Brands
Mallikarjuna Rao named head of online sales at Xiaomi India
BENGALURU: Xiaomi India has pressed refresh on its leadership playbook, elevating Mallikarjuna Rao B V to head of online sales across all categories for Xiaomi India, while also entrusting him with the PocoIndia brand across all channels.
The move marks a pivotal shift for the company as it looks to sharpen its digital edge. Rao steps into the role after a standout stint as head of channels for offline sales, where he helped rewrite the script for Xiaomi’s brick-and-mortar business.
During his tenure, the offline network saw a strong revival driven by clear and transparent partner policies, smart use of technology, and close collaboration with retailers and distributors. The result was renewed momentum and a noticeable lift in trust across the channel ecosystem.
Now, Rao brings that same playbook to the online arena, overseeing Xiaomi and Redmi’s digital portfolios while also steering Poco across channels. With consumer buying journeys blurring lines between online and offline, the appointment signals Xiaomi India’s intent to knit its sales strategy into one seamless experience.
For Xiaomi, it is less about a change of chair and more about continuity of momentum, with a leader who has already shown a knack for turning strategy into scale.
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.
