Leading Indian finance business Paytm is going for major senior management changes as Chief Operating Officer Bhavesh Gupta steps down due to regulatory issues. Gupta’s retirement was announced by One97 Communications, a parent companionship, on Saturday, with an individual explanation given.
After the Federal Reserve Bank of India (RBI) prohibited Paytm Payments Bank (PPBL) from carrying out any new transactions, Gupta—who had been in charge of Paytm’s lending splitting, online and offline payments, and compliances—made the decision to take an advisory hiatus. The verticals within Gupta’s jurisdiction suffered as the outcome of this action.
In agreement with an official statement, Gupta will take on an advising role throughout the end of the year, offering direction for Paytm’s growth efforts. His departure means the end of his work with Paytm, which he started in August 2020 after leaving Clix Capital, formerly known as GE Capital. May 31 is Gupta’s last day of working with the company in question.
Due to the RBI’s limits on PPBL, Paytm is believed that it may have lost between Rs 300 and Rs 500 crore. As a result, the business was forced to temporarily cease its lending operations, however they have purportedly since resumed.
Paytm has altered its leadership structure in response to these difficulties. With more than 20 years of experience, Rakesh Singh has been named Paytm Money Ltd.’s new CEO. Singh formerly held senior executive roles at ICICI Securities and was the CEO of Fisdom’s stock broking department.
In the interim, Paytm Money’s CEO Varun Sridhar has been named CEO of Paytm Services, a position in responsible for mutual fund distribution and other wealth management offerings.
The CEO of Paytm, Vijay Shekhar Sharma, thanked Bhavesh Gupta for his achievements and emphasized the company’s ongoing emphasis on lending and payments. He welcomed Rakesh Singh to head the investment division and acknowledged Varun Sridhar’s contribution to Paytm’s growth in the mutual fund and wealth managed industries.
Paytm is dedicated to keeping up on its current growth trajectory without regulatory challenges, and it intends to use its seasoned leadership team to carry forward its strategic objectives.