MAM
Rishi Kishnani joins Numb3r Impact Agency as co-founder & partner
Mumbai – In a strategic move that marks a significant milestone for both Rishi Kishnani and Numb3r Impact Agency, Rishi has officially taken on the role of co-founder and partner at the cutting-edge agency. A stalwart in the media industry, he brings a wealth of experience and innovation to his new position.
During his tenure as the national content director at Red FM, Rishi played a pivotal role in steering the station towards numerous accolades for its creative campaigns. Notably, he spearheaded the unconventional and bold “Malishka ko matt sunn” campaign, which garnered widespread acclaim. Additionally, his podcast, “The Last Journey from Pakistan,” earned him a prestigious award for its unique and compelling content.
Numb3r Impact Agency founder-partner Tanmay Bahulekar expressed his enthusiasm about Rishi’s addition to the team, stating, “Rishi Kishnani has officially joined the Numb3r story! His extensive leadership and foresight are exactly what tether us to a shared vision, ready to push boundaries and push forth new age content-led advertising solutions.”
Reflecting on his move to the agency, Rishi said, “It’s extremely exciting to be a partner at ‘Numb3r.’ So many ideas, so many possibilities, and a lot of great content is yet to come. It’s a great time to be in the digital space at a time like this. We are at the cusp of a digital revolution in the media space. Building creative teams and coming up with impactful ideas has been my forte, and that is exactly what I plan to do. We have a ‘Numb3r’ of plans which will be announced in the days to come.”
Known for his previous roles as creative director at Radio One, and contributions to Hit FM and Radio City, Rishi’s move to Numb3r is anticipated to bring fresh perspectives and innovative solutions to the forefront of the digital media landscape.
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.
