Bhavesh Gupta, president and chief operating officer of One97 Communications Ltd. that owns the brand Paytm has resigned with effect May 4 due to personal reasons.
He would be relieved from the services close of business hours on May 31, the company said in an exchange filing. However, he would continue as an advisor in the CEO's office after May 31.
"In line with our on-going conversations, due to personal reasons, I will be unable to continue as President & COO and am resigning effective close of business hours 31st May 2024 and request to be relieved accordingly. I will continue to support you and the organisation in my capacity as an advisor in the CEO office," Gupta wrote in his resignation letter addressed to Vijay Shekhar Sharma.
Before this, One97 Communications also withdrew its nominee, Gupta, from the board of Paytm Payments Bank Ltd., where he served as a director and board member. This happened after Vijay Shekhar Sharma stepped down from the board.
Along with Gupta's resignation, One97 Communications has also announced other management rejigs.
Management Shuffle
Paytm Services Private Ltd., has been set up as One97 Communications' subsidiary dedicated to distributing mutual funds, and other wealth management products.
Varun Sridhar, former head of Paytm Money has now become the Chief Executive Officer of Paytm Services. However, Paytm Money has appointed Rakesh Singh as CEO in his place.
Singh, with over two decades of experience, was previously the CEO of Fisdom's stockbroking business. He has also worked with ICICI Securities and Standard Chartered Bank.
In its exchange filing, One97 Communications also said that Paytm has moved to the third-party application provider model for UPI payments. For this, it's working with Yes Bank, Axis Bank, State Bank of India, and HDFC Bank, which are its payment system providers.
For the loan and credit card distribution businesses, the company continues to work with NBFC and bank partners.
These developments come after the Reserve Bank of India's clampdown on Paytm Payments Bank Ltd. on Jan. 31, when the central bank imposed stringent curbs on the bank, directing it to not accept any further credit into its customer accounts and wallets after March 15.
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