MAM
Vaishnavi promoter Nira Radia floats new airline ‘magicair
MUMBAI: Nira Radia, promoter of Vaishanavi Corporate Communications, has announced the launch of a scheduled domestic carrier in India. Newly floated company Magic Airlines Pvt. Ltd has filed an application with the Ministry of Civil Aviation for obtaining a ‘no objection certificate’ (NOC) to operate ‘magicair’.
According to an official release the proposition is for a no-frills domestic airline that will commence operations by the winter of 2005 and promises to provide domestic travelers with value offering of world-class standards.
Once magicair does take off it will have already flying no frills carrier Deccan Air as its main competitor.
Starting operations with 10 aircraft in the first year, magicair will have a pan-India presence, connecting all major metros and mini metros and key holiday destinations.
Nira Radia is a seasoned professional in the aviation industry. The management team at ‘magicair’ comprises of some of the most experienced and recognized names in the airline industry. The team includes:
– Capt. Roland Thomas: VP – Flight Operations
– Murugesu Samynathan: VP – Commercial
– Subramaniam Munusamy: VP – Finance
– Rajiv Mohan: Director – Corporate Affairs
– Sani Bin Abdullah: VP – Engineering & Project Coordinator
– Suppiah Subramaniam: Financial Advisor.
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.
