Noida-based mobile payments firm, Paytm, is undergoing a significant wave of high-level departures as two senior executives step down. According to media reports, Ajay Vikram Singh, the Chief Business Officer (CBO) overseeing UPI and User Growth, and Bipin Kaul, the CBO responsible for Offline Payments, have resigned.
Kaul, with nearly three years of experience at Paytm, played a pivotal role in driving the company's offline digital payments and retail business. His extensive leadership experience includes prominent roles at financial institutions such as IndusInd Bank, IDFC First Bank, and ICICI Bank. Meanwhile, Singh rejoined Paytm in January this year as CBO of UPI and User Growth.
Paytm stated that the company is currently undergoing a restructuring process aimed at strengthening its leadership team for sustained growth across key business verticals.
These resignations follow the recent departure of President and Chief Operating Officer (COO) Bhavesh Gupta, who chose to transition to an advisory role due to personal reasons. Gupta, known for his significant contribution to building Paytm's lending business, was a close confidant of founder Vijay Shekhar Sharma.
These departures follow a series of setbacks for Paytm, including the Reserve Bank of India's (RBI) directive to its associate entity, Paytm Payments Bank Limited (PPBL), prohibiting it from conducting banking operations, including UPI and deposits, since March 15.
As part of this restructuring, Rakesh Singh, former CEO of stockbroking firm Fisdom, has been appointed as the new CEO of Paytm Money, succeeding Varun Sridhar, who has transitioned to the role of CEO at Paytm Services.
