Paytm Payment Services CEO Nakul Jain steps down

Nakul Jain, the Managing Director and CEO of Paytm Payments Services Limited (PPSL), has announced his resignation to embark on an entrepreneurial journey. The company confirmed his decision in a regulatory filing on Monday, stating that it is actively searching for a successor to lead the payments business subsidiary. Paytm expects to reveal the new appointment in the near future.

Jain’s departure comes at a critical time for the company as it awaits the Reserve Bank of India’s (RBI) approval for its resubmitted application for a Payment Aggregator (PA) license. In the past, the RBI had rejected Paytm’s initial application due to non-compliance with Foreign Direct Investment (FDI) norms. Following the approval of FDI by the Ministry of Finance on August 27, 2024, PPSL resubmitted its application and is now awaiting the RBI’s decision.

In the meantime, Paytm has assured stakeholders that it continues to provide payment aggregation services to its existing merchants despite the ongoing regulatory approval process.

The resignation of Jain has been reflected in the market, as shares of Paytm’s parent company, One 97 Communications Ltd, fell by 3.41% on Monday, marking the second consecutive day of decline, with the stock closing at Rs 780.20.

As Paytm navigates through its regulatory challenges, the company remains focused on its efforts to strengthen its payments business and position itself for growth in India’s expanding digital payments ecosystem.