Nakul Jain, Managing Director and CEO of Paytm Payments Services Limited (PPSL), has stepped down from his position to pursue an entrepreneurial venture.
The company, in a regulatory filing late Monday, confirmed it is actively searching for a successor for its payments business subsidiary and will announce the new appointment soon.
This development comes as Paytm awaits for RBI’s approval on its resubmitted application for a Payment Aggregator license.
The regulator had previously rejected Paytm’s application, citing non-compliance with FDI norms. The RBI had also instructed Paytm to meet the requirements before reapplying.
Following the Foreign Direct Investment (FDI) approval from the Ministry of Finance on August 27, 2024, PPSL had resubmitted its PA application and is awaiting approval.
Meanwhile, the company said it continues to provide payment aggregation services to its existing merchants.
Shares of One 97 Communications Ltd (Paytm's parent) continued to fall for the second consecutive session. On Monday, the stock fell 3.41 percent to close at Rs 780.20.
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