This top official of Paytm resigned, the company had to issue a statement and explain the reason - Newztezz Online

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Saturday, May 4, 2024

This top official of Paytm resigned, the company had to issue a statement and explain the reason

The company has made Varun Sridhar, who was heading Paytm Money till now, as the CEO of Paytm Services. Paytm Services is involved in the distribution business of mutual funds and other money management products. The company said in an official statement on Saturday that the fintech firm has announced a reshuffle in the senior management team, under which Rakesh Singh has been appointed as the CEO of Paytm Money.

Bhavesh Gupta, President and COO of Paytm's parent company One97 Communications, has resigned from the company. The company said in an official statement on Saturday that the fintech firm has announced a reshuffle in the senior management team, under which Rakesh Singh has been appointed as the CEO of Paytm Money.

The company gave the reason

The company has made Varun Sridhar, who was heading Paytm Money till now, as the CEO of Paytm Services. Paytm Services is involved in the distribution business of mutual funds and other money management products. Bhavesh Gupta, president and chief operating officer, who oversees the payments and lending business, has decided to take a leave of absence from work due to personal reasons, the statement said. By the end of the year, he will move into the role of an advisor, providing guidance for the development work of Paytm.

Vijay Shekhar had resigned in February

Vijay Shekhar Sharma, who started Paytm, was also removed from the board of Paytm Payments Bank on 26 February. Then the company had to give this information by issuing a press release. Let us tell you that Vijay Shekhar Sharma is the person with the highest number of shareholders in Paytm. At that time Paytm Payments Bank had announced the reconstitution of the board. Some new people were included in the board, including the name of former Central Bank of India Chairman Srinivasan Sridhar. Also, retired IAS Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg and retired IAS Rajni Sekhri Sibal were included in the board.

Company's problems increased due to a decision of RBI

A few days ago, there was big news for the customers associated with Paytm Payments Bank. RBI had extended the deadline for Paytm Payments Bank for deposit and credit transactions from 29 February to 15 March. Let us tell you that earlier RBI had given clear instructions that no other banking services, like fund transfer (services like AePS, IMPS etc.), BBPOU and UPI services should be provided by the bank after February 29.

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