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Indian fintech firm Paytm is shaking up its leadership structure to double down on payments and financial services.
Paytm has named Rakesh Singh as the new CEO of Paytm Money – the company’s investment arm. Singh has over two decades of finance experience, including a previous CEO post at Fisdom’s stock broking entity. He previously also held key roles at ICICI Securities and Standard Chartered Bank.
Singh replaces Varun Sridhar, who will be the CEO of Paytm Services, which focuses on wealth products and mutual fund distribution.
These appointments come as the company said that Bhavesh Gupta, who headed Paytm’s payment and lending branches as the company’s president and COO, is leaving his roles for personal reasons. He’ll become a consultant, assisting Paytm’s expansion until the year ends.
In April this year, Paytm also announced the resignation of Surinder Chawla, CEO and managing director of its banking unit, effective June 26. Vijay Shekhar Sharma, Paytm’s founder, also exited the firm’s board in February this year.
According to the company, the new appointments align with its initiatives for expansion, innovation, and regulatory compliance.
The Reserve Bank of India, the country’s banking regulator, earlier this year had mandated the shuttering of Paytm Payments Bank, Paytm’s banking unit, due to regulatory issues. Paytm then ended intercompany agreements with its affiliate bank.
Paytm has since received the green light to become a third-party service provider on the country’s Unified Payments Interface (UPI) infrastructure. Before this, Paytm offered UPI services through an exclusive partnership with Paytm Payments Bank.
See also: Asian tech feels the heat as regulators bare teeth
Editing by Dhania Putri Sarahtika
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