Paytm shifts its management and COO steps down:

In an effort to focus more on payments and financial services, Indian fintech company Paytm is reorganizing its leadership team.

Rakesh Singh has been appointed CEO of Paytm Money, the company’s investment division, by Paytm. Singh has more than 20 years of experience in finance, having held the position of CEO at Fisdom’s stock broking company in the past.

Prior to this, he had important positions at Standard Chartered Bank and ICICI Securities.

Paytm shifts its management and COO steps down

Varun Sridhar, who will take over as CEO of Paytm Services—a company that distributes mutual funds and other wealth products—is replaced by Singh.

These appointments follow the announcement from the firm that Bhavesh Gupta, the president and COO of Paytm, is stepping down from his positions due to personal reasons. Gupta oversaw the company’s loan and payment divisions. He’ll turn into a consultant and help Paytm grow through the end of the year.

Surinder Chawla

Paytm also declared in April of this year that Surinder Chawla, the managing director and CEO of its banking division, will be leaving the company on June 26. In February of this year, Paytm’s founder, Vijay Shekhar Sharma, also left the company’s board of directors.

The corporation claims that the new hires support its goals for growth, innovation, and regulatory compliance.

Due to regulatory concerns, the Reserve Bank of India, the nation’s banking regulator, ordered the closure of Paytm Payments Bank, the company’s banking division, earlier this year. Then, Paytm and its affiliated bank terminated their intercompany arrangements.

Since then, Paytm has been given permission to join the nation’s Unified Payments Interface (UPI) system as a third-party service provider. Prior to this, Paytm provided UPI services under a special arrangement with Paytm Payments Bank.

 

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