Image Source : X Nakul Jain
Nakul Jain resigns: Nakul Jain, the Managing Director and CEO of Paytm Payments Services Ltd (PPSL), has resigned from his position to embark on an entrepreneurial journey, according to the stock exchange filing of the company filed on Monday (January 28).
Jain has decided to pursue an entrepreneurial journey
“We wish to inform you that Paytm Payments Services Ltd (PPSL) our wholly-owned material subsidiary company has informed us..that Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position w.e.f. close of business hours on March 31, 2025, or an earlier mutually agreed date. Jain has decided to pursue an entrepreneurial journey, which has led him to this decision,” it said.
The statement mentioned that the PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course, the filing said adding that in the interim, the company remains focused on driving growth and continuing to meet its business objectives.
“As informed on August 28, 2024, PPSL received approval from the Government of India, Ministry of Finance, Department of Financial Services, via its letter dated August 27, 2024, for downstream investment from the Company into PPSL,” the filing said.
Post the FDI approval, PPSL has resubmitted its payment aggregator (PA) application. “While it awaits the approval of the application, PPSL continues to provide payment aggregation services to its existing online merchants. We remain committed to a compliance-first approach and upholding the highest regulatory standards,” it informed.
Paytm Payments Services awaits RBI nod
It is pertinent to mention that Jain’s resignation comes at a time when the fintech company is awaiting approval from the Reserve Bank of India (RBI) for a payment aggregator licence. The RBI had previously rejected Paytm’s application in November 2022 due to non-compliance with FDI norms.
In August 2024, Paytm received government approval for downstream investment in Paytm Payments and subsequently reapplied for the aggregator licence.
(With PTI inputs)
Also Read: US stock market: Nvidia faces historic $600 billion loss as Chinese AI competitor DeepSeek emerges
Also Read: Stock market opening bell: Sensex surges over 400 points, Nifty nears 24,000 in early trade
