Brands
Rishabh Pant rides in as brand ambassador of Hercules
Mumbai: Hercules, a homegrown bicycle brand from the stable of TI Cycles of India, has on-boarded Indian cricketer Rishabh Pant as its brand ambassador to promote the cycling culture amongst urban teenagers of the country.
Being one of the most promising young cricketers and captain of the Delhi Capitals team in the Indian Premiere League and part of India’s T20 World Cup squad, Pant is admired by millions of fans all across the cricketing world. The association will surely shape the perspective towards cycling and outdoor adventure for the urban youth who idolise cricket and sports in the country, said the brand in a statement.
“Hercules has always been a choice for young boys who wish to discover their spirit of adventure and exploring with friends through cycling,” said TI Cycles of India president KK Paul. “In a similar manner, Rishabh Pant, as an athlete has influenced teenage boys to pursue their goals with passion and determination. With this association, we are on a journey to support that inspiration to pursue their dreams and achieve their goals, relentlessly.”
Hercules strives to fulfill the bicycling needs of the urban teenage boys of the country. Over the years, the brand has introduced a range of cycles such as Top Gear, Rockshox, Dynamite, Brut, Street Cat series, to name a few, said the statement.
“Bicycles were such an integral part of my childhood and I have many fond memories associated with it. I used one to get to school and then to cricket practice, and it was always something that gave me a sense of freedom,” said Pant. “I personally believe that cycling is one of the best ways to bring out the adventure in you and spend more time being active outdoors, hence, I am eager to contribute in my way to educate and encourage our young boys towards adventure through Hercules.”
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.
