Paytm Payment Service CEO Nakul Jain resigns, the company told the stock market about the future plan

Nakul Jain, chief executive officer of Paytm Payment Services Limited, has resigned. He has left the position to embark on his own entrepreneurial journey. This information was provided by the company on Monday in the filing with the stock exchange.

The company has said, "We are looking for a qualified replacement, and will announce the new name soon. In the meantime, PPSL is focused on pursuing its growth and meeting its business objectives."

The resignation of the company's CEO comes at a time when the fintech is awaiting the central bank's approval for its payment aggregator license. In November 2022, the Reserve Bank of India (RBI) rejected Paytm's application for non-compliance with FDI norms.

In August 2024, Paytm received approval from the government for downstream investment in PPSL. Following this, the company re-applied for a PA license. PPSL said it would continue to provide payment services to its existing online merchants while awaiting approval.