New Delhi: Nakul Jain has stepped down as Managing Director and Chief Executive Officer of Paytm Payments Services Ltd (PPSL), as the fintech company continues to await approval from the Reserve Bank of India (RBI) for its payment aggregator licence, .
In a regulatory filing by 0ne97 Communications, parent firm of Paytm, on Tuesday said that Jain has resigned from his position w.e.f. close of business hours on March 31, 2025 or an earlier mutually agreed date.
"Mr Jain has decided to pursue an entrepreneurial journey, which has led him to this decision,” said the regulatory filing.
“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 mentioned.
In November 2022, the Reserve Bank of India (RBI) rejected Paytm’s application due to non-compliance with Foreign Direct Investment regulations. However, in August 2024, Paytm received government approval for downstream investment into PPSL, after which the company reapplied for the payment aggregator (PA) licence.
The resignation also comes amidst reports that the Enforcement Directorate (ED) is investigating eight payment gateways, including Paytm, over a cryptocurrency scam involving 10 Chinese nationals. Paytm has denied any such action by the ED and said; “We confirm that we have not received any such new notice, communication, or query from the Enforcement Directorate regarding the matter mentioned in the media articles.”
PPSL has seen high-profile exits in recent times. Paytm Payments Bank chief executive Surinder Chawla left the firm in April 2024 and in May 2024, Bhavesh Gupta, chief operating officer of Paytm quit his executive role in the firm.