New Delhi:
Paytm's parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday.
Mr. Gupta led, among other things, lending, online and offline payments and compliance at Paytm. Verticals, led by him, were adversely affected by the RBI's ban on Paytm Payments Bank (PPBL) from conducting new transactions.
“Bhavesh Gupta, President and Chief Operating Officer, who oversaw the payments and credit business, has decided to take a career break for personal reasons. He will transition to an advisory role and provide guidance for the growth business through the end of this year initiatives of Paytm. the year,” the statement said.
Mr. Gupta joined Paytm in August 2020 from Clix Capital, formerly GE Capital.
He will be dismissed from the company on May 31.
Paytm had estimated a loss of Rs 300-500 crore due to the RBI's restriction on PPBL.
The country had to halt its lending activities, which have now reportedly resumed.
As part of a change in leadership structure, fintech company Paytm has appointed Rakesh Singh as CEO of Paytm Money.
“Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd. With over two decades of experience, Rakesh Singh was previously the CEO of the stockbroking business at Fisdom and has held key management positions at ICICI Securities and Standard Chartered Bank,” said the explanation.
The company has appointed Varun Sridhar, who headed Paytm Money, as CEO of Paytm Services, which deals with the distribution of mutual funds and other wealth management products.
“I would like to thank Bhavesh for his contributions and his role in ensuring a smooth transition. Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders we have in each of our businesses to execute our plans,” said Vijay Shekhar Sharma, CEO of Paytm.
He appreciated Mr. Sridhar's contribution in expanding Paytm's role in deepening the penetration of mutual funds and asset management products in the country.
“I welcome Rakesh to Paytm Wealth, where we are committed to building world-class, technology-enabled wealth offerings to young Indians,” said Mr. Sharma.
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