MAM
Vivek Rao joins L&K Saatchi & Saatchi as chief creative officer – North
MUMBAI: L&K Saatchi & Saatchi has appointed Vivek Rao as its chief creative officer – North.
Rao is armed with 15 years of experience working with global marketing communications companies and driving growth for global and local brands.
L & K Saatchi & Saatchi CEO and managing partner Anil S Nair said, “Vivek is not just a fantastic creative talent but an inspiring leader, who carries his team along with him to glory. He is an absolute team player and therefore a fantastic fit with our culture. We are very excited to have him on board and are looking forward to his positive contribution towards our creative profile and ambition.”
Rao added, “Having worked with stalwarts like Prasoon Joshi, Pops, Agnello Dias, Nitesh Tiwari, Ashish Khazanchi, Prasanna Sankhe & Satbir Singh over the years, I was keen to apply and use all that I’ve learnt in a place that’s growing at a furious pace. Praveen Kenneth, Anil Nair and the core team have done a magnificent job in creating L&K into an incredible force, add Saatchi & Saatchi’s global might to that and you can see why it’s a place that’s hitting top gear right now.”
He further said, “The dynamics of communication has changed and yet, the basics still remain the same. Solid ideas, simplicity of storytelling will always be the way for brands to connect with consumers. The good part is that clients are extremely keen to reach out to consumers in ways that aren’t necessarily from expected quarters. Praveen and Anil have a clear picture about the way ahead and my role will be to ensure that from a creative perspective we hit the right notes for our clients. The canvas is much wider now and the ride is bound to be fast and enjoyable.”
Over the years, Rao has worked with agency networks like McCann Erickson, Leo Burnett, Contract Advertising, Publicis Ambience and Havas Worldwide.
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.
