MAM
Srinivasan Swamy receives International Honorary Award at AD STARS, Busan, Korea
MUMBAI: At the recently concluded 12th edition of AD STARS held in Busan, Korea, Mr Srinivasan Swamywas recognized with Korea’s highest honour for his significant contribution to the advertising industry. AD STARS is considered as one of the largest advertising festivals since it receives over 20,000 entries of creative work from nearly 60 countries, with Jury members from as many countries evaluating and awarding excellence in creativity.
Mr Swamy is the Chairman and Managing Director of R K SWAMY BBDO, one the reputed advertising agencies in India. He also is the Chairman of the R K SWAMY HANSA Group, which has units like Hansa Customer Equity, Hansa Research, Hansa Vision, Hansa Events, Hansa Medcell, Hansa PR, Hansa Outdoor, Hansa Consulting etc. The group employs nearly 3000 people and has revenues in excess of US$ 100 Million, serving over 100 clients.
He currently serves as the Chairman and World President of International Advertising Association (IAA), the industry body headquartered in New York, USA, with a presence in 56 countries around the world. He is also the Vice Chairman of Asian Federation of Advertising Associations (AFAA). He is an industry veteran having functioned as Chairman of Confederation of Asian Advertising Agency Associations (CAAAA), Presidents of Advertising Agencies Association of India (AAAI), Advertising Standards Council of India and the India Chapter of IAA.
On receiving the award, Mr Swamy said “I am humbled and honoured to receive the award on behalf of all my industry colleagues who helped me make a difference to the various tasks we addressed together. The industry is at a transitional phase with issues of enhanced data privacy regulations that could change the way we communicate with our various target audiences. We will do our bit to provide the direction we need to take, over the next couple of years”.
Mr Swamy has been earlier recognized in various forums for his outstanding contributions. He has received the Lifetime Achievement Award from both AAAI and Rotary Club of Guindy, the Distinguished Service Award from Advertising Club Madras, and was recognized as IAA Global Champion at the inaugural Inspire Awards in London, by IAA Global. He was inducted into the IAA Hall of Fame instituted by the India Chapter. Japan Advertising Agencies Association recognized him
with their Merit Honour for his singular contribution to the formation of CAAAA and thought leadership.
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.
