MAM
Sanju Menon appointed as COO of Publicis Ambience and Publicis Beehive
MUMBAI: Publicis Worldwide today announced Sanju Menon as the new chief operating officer of Publicis Ambience and Publicis Beehive. He takes over the charge from Paritosh Srivastava, who was elevated to the role of managing director of L&K Saatchi & Saatchi. Menon will be looking into the growth agenda of the company while providing new inputs and idea to a host of brands under the umbrella of Publicis Ambience & Publicis Beehive. Commencing the post from 2 January, Menon will report to Srija Chatterjee, managing director Publicis Worldwide, India.
Talking about the appointment Srija Chatterjee said, “It’s been an emotional ride these past few days as one of our most dependable faces departs to take on a larger role at the Groupe level. But that’s an exciting journey to undertake and Paritosh deserves every bit of the success that has come his way. I’d like to thank Paritosh for setting up steady and solid-looking agencies under Publicis Ambience & Publicis Beehive. At the same time, I’d like to welcome Sanju to the Publicis Worldwide family and can vouch for his credibility as one of the most exciting talents to watch out for.”
Menon joins Publicis Worldwide after working as executive vice president in Leo Burnett India where he was responsible for managing the entire Bajaj portfolio for the agency. He has been associated with Leo Burnett since 2015. Menon started his advertising career with SN Design in 2005 and a year later joined Bates 141 as brand executive.
Commenting on his new role Menon said, “The last five years at Leo Burnett have been very rewarding. I will cherish the association. From the outside, I have seen that Publicis Worldwide has fantastic talents and long-standing relationships with brands that are trusted, loved, and have enormous potential. Equipped with the Publicis Groupe’s ‘Power of One’ philosophy and with the trust of our partners, I look forward to working with Srija and her talented team on building effective and innovative solutions that will make Publicis Worldwide more agile, and a powerhouse within the group."
Menon worked with some of the most iconic Indian brands that went on to win top honours across reputed award festivals including Cannes Lions, Effies, Clio etc.
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.
