Paytm: Two more top executives depart amid restructuring efforts

Kaul oversaw offline payments, portion Singh led Unified Payments Interface (UPI) and idiosyncratic growth. Gupta had resigned citing idiosyncratic reasons, transitioning to an advisory role. 

As portion of a restructuring effort, the institution has seen respective enactment changes successful caller times, including the assignment of Rakesh Singh arsenic the main enforcement serviceman of Paytm Money, pursuing Varun Sridhar's departure.

"We are committed to sustained maturation crossed cardinal concern verticals arsenic portion of a restructuring initiative, signalling a reinvigorated attack nether Paytm’s CEO. These changes purpose to fortify our adjacent enactment of leaders," said a institution spokesperson.

Singh's departure follows a little tenure of 5 months successful his 2nd stint astatine Paytm. He had served arsenic the vice president of lending from 2021 to 2023. Singh had besides held elder enactment roles astatine HSBC, Xiaomi and Citi Bank.

Kaul was an integral portion of Paytm for astir 3 years. Previously, helium had stints successful IndusInd Bank, IDFC FIRST Bank and ICICI Bank.

Moneycontrol was the archetypal to study connected the developments.

Paytm, operating nether One97 Communications, saw its shares dip astir 5% to ₹333.85 astatine the adjacent of trading connected Tuesday. The institution is acceptable to merchandise its full-year and fourth-quarter results aboriginal this month.

Earlier this year, the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd to halt caller recognition and deposit operations, top-ups and money transfers, among different banking activities. This enactment followed a broad audit by outer auditors, uncovering accordant non-compliance, too supervisory concerns wrong the bank.

Despite these restrictions posing a hazard of losing customers and merchants, the institution has shown signs of a recovery.

In March, it had obtained support from the National Payments Council of India (NPCI) to run arsenic a third-party app, allowing it to relation arsenic competitors specified arsenic Google Pay and PhonePe. 

Additionally, it has partnered with Axis Bank, HDFC Bank, State Bank of India and Yes Bank to guarantee creaseless concern migration, demonstrating proactive measures to code operational challenges.

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Published: 07 May 2024, 05:40 PM IST