Paytm Payments MD And CEO Nakul Jain Quits As Company Awaits RBI Nod For Aggregator License

Nakul Jain, managing director and chief executive officer of Paytm Payments Services Ltd., has resigned, parent One 97 Communications Ltd. informed stock exchanges late Monday.

Jain will leave his position on March 31, 2025, or an earlier mutually agreed date, according to the statement. The senior executive, who started with Paytm in June 2022, has "decided to pursue an entrepreneurial journey", it added.

"PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives," the statement said.

According to Nakul Jain's verified LinkedIn profile, he has over 20 years of experience in payment and retail banking with stints at Standard Chartered Bank, IndusInd Bank and ICICI Bank.

Jain's exit comes as Paytm awaits clearance from the Reserve Bank of India on its resubmitted application for a Payment Aggregator license.

The central bank had previously declined Paytm's application, citing non-compliance with foreign direct investment norms. The RBI also instructed Paytm to meet the requirements before reapplying.

In August last year, PPSL received approval from the central government for downstream investment from the parent company, after which it resubmitted its PA application.

"While it awaits the approval of the application, PPSL continues to provide payment aggregation services to its existing online merchants," the Vijay Shekhar Sharma-led company said.

Shares of One 97 Communications closed 3.4% lower at Rs 7,880.2 apiece on Monday, compared to 1.14% decline in the benchmark Nifty 50.