- Bhavesh Gupta resigns as Paytm’s President and COO citing personal reasons amidst company reshuffle.
- Paytm’s board accepts Gupta’s resignation, effective from May 31, as he transitions to an advisory role.
- Gupta’s departure adds to recent senior executive resignations amid challenges faced by Paytm, including regulatory issues and service disruptions.
Paytm undergoes a significant shakeup as Bhavesh Gupta, the company’s President and COO, resigns from his position citing personal reasons amidst a broader reorganization effort. Gupta’s departure, announced during a board meeting on May 4, is set to take effect from May 31, with the company stating that he will transition into an advisory role.
The decision comes amid a series of challenges faced by Paytm, including regulatory hurdles that led to the suspension of its Payments Bank operations as mandated by the Reserve Bank of India (RBI). Additionally, disruptions to services such as Fastag caused inconvenience to users, prompting the platform to implement changes and seek alternative avenues for operations.
Despite the setbacks, Paytm has received approval to function as a third-party aggregator, aligning its services with competitors like Google Pay and WhatsApp Pay in India. As part of this transition, users are required to migrate to new UPI IDs, with the process streamlined within the Paytm app. Amidst these changes, Gupta’s resignation marks another shift in leadership for the fintech giant as it navigates evolving regulatory landscapes and strives to maintain service excellence.
