MAM
SMG Convonix wins 24 clients in the last quarter of FY 13-14
MUMBAI: Starcom MediaVest Group’ integrated digital marketing arm SMG Convonix has won 24 new clients in the last quarter across sectors like education, FMCG, travel, banking and finance, e-commerce and technology.
SMG Convonix CEO Vishal Sampat said, “Most of our recent wins were after multi-agency pitches and are testimony to the strength of our offering and thought and rigor that the teams put into campaigns. We continue to work with the same core principle of trying to solve business problems by leveraging synergies across digital solutions, analytics and technology. Going forward, our focus will be on growing the media offering and delivering cutting-edge impactful campaigns enabled by the right technology.”
Tata Global Beverages has awarded the Global SEO mandate for their brands to SMG Convonix, which includes Tetley and Eight o’ clock. The new roster of clients also includes IMS Learning Resources, Tuffware and e-commerce biggies such as Pepperfry and Reseller Club. SMG Convonix has, in a focused manner, expanded its base and experience in Consumer Electronics by bagging The Mobile Store and The Electronic Store. In addition to the Indian wins, a significant number of clients from other markets like the US have also augmented the roster.
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.
