MAM
The Good Glamm Group appoints Asad Raza Khan as global commercial officer
Mumbai: The Good Glamm Group has appointed Asad Raza Khan as its Global Commercial Officer. He will be responsible for leading the entire international business for the Good Glamm Group increasing the footprint of the conglomerate globally.
The Good Glamm Group has also set up an international division that is headquartered in Dubai led by Asad Raza Khan.
The FMCG veteran brings with him nearly two decades of FMCG and beauty experience. Prior to joining Good Glamm Group, he was working as the global business leader for Procter & Gamble’s The Art of Shaving (Gillette) with stints in London, Geneva, Dubai and South Asia. Asad led and built Art of Shaving’s global business and operations outside of the USA.
Headquartered in Dubai, this division will function as the international distribution and sales platform for the various beauty and personal care brands within the Group. The division targets growing a team of forty to fifty employees by April 2023 across senior sales and marketing professionals. Over the next 3 months, brands will launch in international markets with top retailers both online & offline ensuring the right focus and brand impact is given to each permutation geographically.
Speaking on his appointment, Asad Raza Khan said, “I am thrilled to join Good Glamm Group and build the international team from ground zero. The international division gives Good Brands Co. an opportunity for global growth leveraging the group’s content-creator-commerce moat as well as the central infrastructure for strong offline and online growth. We aspire to build our brands across offline channels, e-marketplaces, and DTC via leveraging the growth and digital marketing capabilities of the group already in place.”
The Good Glamm Group founder and CEO Darpan Sanghvi added, “We are extremely excited to have Asad on board as we set our eyes on our global footprint and provide a robust platform for all our brands to grow internationally. He brings with him an immense wealth of experience in building strong beauty and personal care brands globally combined with strong commercial acumen and consumer centricity. Asad will be instrumental in defining the next phase of Good Glamm Group’s evolution as a global platform.”
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.
