Paytm announces leadership changes; Rakesh Singh named new Paytm Money CEO.
Paytm undergoes leadership changes to bolster financial services post-regulatory action.
One97 Communications, the parent entity of Paytm, has announced today a reorganization of its leadership to reinforce its commitment to payment and financial services offerings, following recent regulatory actions against its payments bank. As part of this reorganization, the fintech firm has disclosed that its President and Chief Operating Officer (COO), Bhavesh Gupta, will be stepping down from his current role and transitioning to an advisory capacity. According to Gupta's communication shared with stakeholders, his resignation is attributed to "personal reasons," aligning with ongoing discussions. His tenure with Paytm will conclude on May 31, 2024.
Gupta has served Paytm for nearly four years, culminating in his appointment as President and COO last year. His responsibilities encompassed overseeing various sectors including lending, insurance, online and offline payments, as well as spearheading crucial initiatives such as user expansion, operational risk management, fraud prevention, and compliance adherence.
In an earlier development, Gupta relinquished his position as a nominee director on the board of Paytm Payments Bank in February, along with other One97 nominees, after stringent regulatory measures imposed by the Reserve Bank of India.
Furthermore, Paytm has disclosed additional leadership alterations, with Varun Sridhar, former head of Paytm Money Ltd, transitioning to the role of Chief Executive Officer at Paytm Services Private Limited, concentrating on mutual fund distribution and wealth management products. Rakesh Singh has been appointed as the new Chief Executive Officer of Paytm Money, succeeding Sridhar. Singh brings extensive experience, having previously served as CEO of the stock broking division at Fisdom, and holding pivotal roles at ICICI Securities and Standard Chartered Bank.
Vijay Shekhar Sharma, Founder and CEO of Paytm, emphasized the heightened focus on payments and lending, underscoring collaboration with adept leaders across business sectors to execute strategic initiatives.
Rakesh Singh, the newly appointed CEO of Paytm Money, outlined plans to fortify the company's position among the leading brokers in India, emphasizing expansion efforts, product innovation, and adherence to SEBI regulations.
The leadership adjustments, according to Paytm, aim to bolster payments and financial services offerings while expanding the leadership team's direct engagement with the CEO and senior management. Additionally, this move is intended to reinforce succession planning and enhance the group's structural resilience for sustained growth and regulatory compliance.
Paytm has transitioned to the Third-Party Application Provider (TPAP) model for UPI Payments, collaborating with Yes Bank, Axis Bank, State Bank of India, and HDFC Bank. For loan and credit card distribution, the company partners with NBFCs and banks.
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