MAM
The Chatterjee Group appoints Kashyap Mehta as CPO, Prashant Gagneja as CGRO for Ziki and Sirrus.ai
Mumbai: First Livingspaces Pvt Ltd (FLS), an enterprise of The Chatterjee Group (TCG), has onboarded Kashyap Mehta and Prashant Gagneja as key leaders of its new technology ventures — Ziki and Sirrus.ai.
FLS has positioned its new businesses in two core domains. Ziki focuses on crafting technology-enabled communities, both online and offline. Sirrus.ai is an experience ecosystem with AI-first principles, catering to the real estate industry.
Mehta, an e-commerce specialist with over 25 years of expertise in multiple industries, has joined FLS as the chief product officer (CPO), while Gagneja, a seasoned strategist in consumer packaged goods (CPG) and Fintech industries, has assumed the role of the chief growth & revenue officer (CGRO).
Welcoming the two leaders, FLS spokesperson Sovon Manna said, “We are delighted to have the two visionary achievers joining us. Their experience, exuberance and unique approaches will be instrumental in propelling our businesses towards greater heights of success.”
Fondly known as ‘Kash’ in industry circles, Mehta had previously served as the chief digital Officer (CDO) at Croma. ‘Kash’ has also been a key contributor to several technology initiatives, having led SAP’s ecommerce vertical across APAC. He played a pivotal role in India’s consumer internet story, leaving his mark at Tata CLiQ, Baazi, and eBay.
Speaking about his new role, Mehta said, “I am thrilled to embark on this unique zero-to-hundred journey. Building a successful tech-enhanced business ecosystem from ground up, without any pre-existing template, is what drives me to embrace this adventure.”
Gagneja brings to the table his 16 years of extensive experience in driving operational success and optimising revenue streams through technology adoption. In his previous role as the vice president of organised trade at BharatPe, he had played a pivotal role in fostering key account relationships. His go-to-market strategy has been instrumental in advancing revenue strategies at several CPG and FMCG giants, including Pepsico, Kellogg, Coca-Cola, and Pernod Ricard.
Excited about his new responsibility at FLS, Gagneja said, “Drawing from my experiences thus far, I aim to champion operational efficiencies and revenue growth through strategic technology adoption.”
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.
