MAM
Nakshatra, Asmi to make international debut; D’damas ties-up with ‘Krrish’
MUMBAI: The Gitanjali Group and Damas – the largest retailing jewelry brand chain in the Middle East – have joined forces to launch the former’s Nakshatra and Asmi brands in the Middle East.
Gitanjali Group chairman Mehul Choksi with Rakesh Roshan and others
The Gitanjali Group also announced a tie-up with director Rakesh Roshan for his forthcoming film Krrish, which is a sequel to Koi Mil Gaya, wherein D’damas will be launching a signature line of jewelry inspired by the film. This is in keeping with D’damas completing two years.
D’damas’ brand ambassador Celina Jaitley along with other models set the ramp on fire adorning jewelry from Nakshatra, Asmi, D’damas fit for royalty, at a fashion show by designer Vikram Phadnis.
Gitanjali Group chairman Mehul Choksi with Celina Jaitley
Under the retail tie-up Damas, Dubai would launch Nakshatra and Asmi in Dubai making them first Indian jewelry brands to go global. For this Damas has entered into a strategic tie-up for Nakshatra with Brightest Circle Jewelry Pvt. Ltd., (a tie-up between three diamond sight holders Gitanjali Group, Dimexon Diamonds and Mahindra Brothers). Brightest Circle Jewelry Pvt. Ltd is the official company appointed by DTC to make Nakshatra a global brand. The Gitanjali Group is the sole licensee for taking Asmi international.
Damas MD Tawhid Abdullah said, “In this short span of two years, D’damas has not only emerged as a market leader but has also carved out a niche for itself amongst the consumers. This is a remarkable achievement for us and we plan to further strengthen this relationship by launching Nakshatra and Asmi in association.”
Gitanjali Group chairman Mehul Choksi said, “Gitanjali Group has always believed in raising the bar for itself which in turn have become industry benchmarks. It’s a great honor to be part of launching India’s maiden jewelry brands Nakshatra and Asmi in the international market just the way we were part of launching India’s first branded jewelry.”
Speaking about the tie-up with D’damas, Roshan said, “D’damas is a young and vibrant brand which in its short journey has to its credit many milestones. With this association we hope to connect with our fans on an emotional level wherein the signature line inspired by the film Krrish would give them a chance to preserve a piece from the film for long time to come.”
D’damas president Dharmesh Sodha added, “It is our honour to associate with Mr Roshan who always has believed in making film from the heart, which have instantly connected with the audiences. With creating this special line inspired by the film we wish to tap into new audiences.”
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.
