MAM
Nimbus Sport awards World Series Hockey creative duties to Euro RSCG
MUMBAI: Euro RSCG has won the creative business of Nimbus Sport’s World Hockey Series after a multi-agency pitch.
As a part of the contract, Euro RSCG’s Mumbai office will handle the entire advertising duties of World Series Hockey on a project basis.
Nimbus Sport COO Yannick Colaco said, “We were impressed with the work Euro RSCG presented to us, right from the first round of presentations. We found them on the same plane as far as understanding our brand and the vision for WSH. We look forward to a mutually beneficial association with them for the entire duration of the series.”
Track Euro RSCG India managing partner and chief creative officer Satbir Singh added, “Euro‘s creative duties for this project will span 360 degrees across TV, print, digital, activation, outdoor, radio etc. We will work on the tournament‘s pre-launch buzz, match day action with the focus on consumer engagement across the country. I’m looking forward to working on this project, especially since I have been a hockey player myself. I see a lot of scope to do a lot of good, quality creative work on this brand.”
Euro RSCG India president West and South Shavon Barua said, “Sports is an extremely dynamic, fast-paced category to work on, especially from an agency’s perspective. This prestigious project also gives us a chance to bring India’s national sport in the limelight it deserves. We look forward to doing some great work for the series.”
Scheduled to begin on 17 December, the series will be spread over 61 matches and will culminate on 22 January 2012.
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.
