MAM
Vikas Parihar joins FCB India as president – digital integration
MUMBAI: In a significant development to up FCB India’s digital game, the group appointed Vikas Parihar as President – Digital Integration. In his role, Vikas will be driving digital transformation & business, partnering individual CEOs, implementing global digital practices and providing strategic leadership for digital integration, paving the digital roadway for FCB India.
Vikas will be based out of the Mumbai office, reporting to Rohit Ohri, Group Chairman & CEO, FCB India.
With a rich experience, spanning over a decade, Vikas has lead digital business and marketing for OgilvyOne Africa, Havas Worldwide India, MagnonTBWA, Internet Moguls, Sofitel Luxury Hotels and Resorts India, Hinduja Interactive and Hotel Leela Venture Limited.
His experience ranges across numerous sectors including FMCG, Technology, Healthcare, Travel and Hospitality, Social Development, eCommerce, Consumer Durables and Electronics. He has lent his expertise to various brands, such as, Airtel Africa, Coca-Cola, Standard Chartered Bank, Care India, HCL Healthcare, Huawei, Microsoft Lumia, Jindal Steel and Power, Mercedes Benz India, UTV, Toshiba, Diakin, Turkey Tourism, TATA AIG and many more.
Vikas comes with a unique combination of skills from a passion for business and numbers to strategy and creative to data and technology.
Commenting on the appointment, Ohri said, “FCB India has embarked on a cultural transformation journey fifteen months ago. Digital transformation is the key part of this cultural transformation. I’m delighted to have Vikas on board to lead the digital transformation of FCB India. Our vision is to be a truly integrated ideas company. With his vast experience, Vikas will be a great partner to me and in making this happen for FCB India.”
Speaking on his new role, Vikas said, “In today’s connected world, we need a creative agency which brings together big ideas, technology and data. These ingredients are key to create compelling and engaging personal experiences that help win more customers and make them more valuable; and this is what I look forward to at FCB India”.
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.
