Paytm Payments CEO Nakul Jain resigns, company seeks replacement
What's the story
Nakul Jain, the CEO and Managing Director of Paytm Payments Services Limited (PPSL), has stepped down from his position to pursue an entrepreneurial venture. The company confirmed the development in a regulatory filing on Monday. It also announced that it is actively looking for a successor for its payments business subsidiary and will announce the new appointment soon.
Regulatory challenges
Jain's departure coincides with Paytm's license application
Jain's exit comes as Paytm awaits the Reserve Bank of India's (RBI) approval on its resubmitted application for a Payment Aggregator license. The RBI had earlier rejected Paytm's application for non-compliance with Foreign Direct Investment (FDI) norms, directing the company to meet them before reapplying. After receiving FDI approval from the Ministry of Finance on August 27, 2024, PPSL resubmitted its PA application and awaits a response.
Business continuity
Paytm continues services amid leadership transition
Despite the leadership transition and pending license approval, Paytm has said that it will continue to provide payment aggregation services to its existing merchants. The assurance comes as the company navigates through regulatory challenges and seeks a new leader for its payments business subsidiary.