Paytm CEO Nakul Jain Resigns Amidst RBI Regulatory Battle - Details

Nakul Jain has stepped down as MD and CEO of digital payment platform Paytm Payments Services Limited (PPSL). In a stock market filing, the company said they are looking for a suitable successor.  “In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives.” the filing said.

Nakul Jain Steps Down : Paytm Issues Statement

“Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position w.e.f. close of business hours on March 31, 2025 or an earlier mutually agreed date.” said Paytm in a filing.

The filing said that Jain has decided to pursue an entrepreneurial journey, which has led him to this decision.

Paytm Waiting For Aggregator License

The resignation comes at a time when Paytm is looking to acquire aggregator license from the Reserve Bank Of India ( RBI ). The regulator had previously rejected Paytm’s application, citing non-compliance with FDI norms. The RBI had also instructed Paytm to meet the requirements before reapplying.

After RBI's refusal, Paytm's founder Vijay Shekhar Sharma had expressed intent to reapply for aggregator license.

The filing also said, “Following the Foreign Direct Investment (FDI) approval from the Ministry of Finance on August 27, 2024, PPSL had resubmitted its PA application and is awaiting approval.” 

Paytm's parent company, One 97 Communications Ltd continued to fall for the second consecutive trading session. On Monday, January 28 the stock fell to  Rs 780.20, down by 3.41 per cent.