Paytm Payments Services CEO Nakul Jain Resigns
Nakul Jain, the Chief Executive Officer (CEO) at Paytm Payments Services Limited, has quit as he has an entrepreneurial pursuit waiting for him in the future, the company revealed in a filing with the exchange on Monday. His resignation shall be effective March 31, 2025, by end of business hours or earlier depending on mutual discussion.
In a statement, Paytm said that it's engaged in searching for an appropriate substitute to Jain. "PPSL is working to identify a new chief executive officer and will make an announcement once a replacement is appointed. Until then, the company remains focused on driving growth and the achievement of its business objectives", the statement read.
Jain is stepping down at a time when PPSL is waiting for the Reserve Bank of India (RBI) to approve its payment aggregator license. In 2022, the RBI had rejected Paytm's application because of non-compliance issues related to FDI regulations. But after government approval in August 2024 for Paytm's downstream investment into PPSL, the company reapplied for the PA license.
Despite waiting for regulatory green light, PPSL continues to provide payment aggregation services to its existing online merchant partners.
In another related development, Paytm has attracted criticism after some media reports reported that the ED is investigating more than one payment gateway, among them Paytm, into an alleged scam of cryptocurrency scams involving Chinese nationals. The reason for the investigation is the alleged raising of Rs 2,200 crore in 20 states for cryptocurrency mining investments.
Paytm responded to these reports by stating that it had not received any new notices or communication from the Enforcement Directorate. The company labeled the media reports as "factually incorrect and misleading", emphasizing that no such inquiry had been received by the firm. Paytm continues to maintain its focus on its business objectives while navigating these regulatory and leadership changes.
