MAM
Publicis Drugstore to unite start-ups with real estate sector
MUMBAI: Publicis Drugstore has started its India operations with the first of its initiatives targeting the real estate sector. The drugstore is an innovation incubator, which incubates innovation ideas/projects on behalf of the Publicis Groupe clients around the world in collaboration with the startup sector.
These innovation incubation programmes range from supper chats with CXOs, to hackathons and long format innovation projects. Meet the makers is one such format which allows for an evening of intimate interaction between large companies and curated start ups in their respective sector. This experiential event was designed and created in partnership with Zone Startups, an organisation that incubates and accelerates start-ups in the Indian ecosystem.
Key speakers at the event included Anil K Nair who leads the Publicis Drugstore initiative in India and Zone Startups India director Ajay Ramasubramaniam.
Nair is of the opinion that the biggest business disruptor and saviour going into this decade will be an attitude of inside out innovation within large traditional organisations that will need to be encouraged & cultivated. A symbiotic relationship building between these organisations and the start up sector was also necessary. “It’s a win-win for both. And we at Publicis Groupe are determined to make these dialogues happen for the overall good of the market place and the consumer at large”.
He further added: “The start-up space has been responsible for some of the biggest market disruptions across the world. Be it Uber or Air Bnb, they have all gone to redefine the space they were conceived in. We could have gone the traditional way and approached the fin-tech or other sectors which have such interfaces all the time. We however, have focused on real estate as it is one industry that needs the kind of innovations that start ups bring with them.”
Ramasubramaniam added, “The start-up scene is well ahead in terms of infrastructure, support and finance. It is only recently that the Indian scenario has started catching up. There is still some time when crowdsourcing and crowd-funding will become the norm for our nation, until then we are focused on creating the right kind of environment with the assistance of the Publicis Groupe to incubate, accelerate and facilitate the transition of the start-ups to their relevant industrial sector.”
Some of the notable startup pitches that came up were Phynart, a home automation start-up that incorporates Artificial Intelligence and data mining in traditional automation systems and Enso Immersive, a R & D establishment driving research in technologies like Augmented Virtual Reality for developing applications and platforms across industries like real estate.
The real estate industry was represented by leading players like Omkar, Tata Housing, Kalpataru , Godrej properties & Puranik.
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.
