Nakul Jain Steps Down as CEO of Paytm Payments Services to Pursue Entrepreneurial Ventures

The company stated it would consider a successor at some point after his departure. Till then though Nakul Jain, managing director and chief executive officer of Paytm Payment Services Ltd (PPSL) has to leave also for an entrepreneurship opportunity.

Joining PPSL in June 2022, Nakul Jai had over 20 years of experience in payments and retail banking and has held various leadership positions at Standard Chartered Bank, ICICI Bank, and IndusInd Bank. His exit comes at a crucial time for the company as PPSL waits for the Reserve Bank of India (RBI) to grant a payment aggregator license.

PPSLs application was initially rejected by the RBIs in November 2022 and the reason given for this was non-compliance with foreign direct investment regulations, which would have presented significant hurdles for the company YET was granted government approval for downstream investment in August 2024. The company was successful in reapplying for the license and remains in continued dialogue with RBI to correct past deficiencies.

However, under PPSL, there is still a compliance approach and growth since they have made an interim transition of leadership. Meanwhile, it claims to continue payment aggregation services for its existing customers without disturbance.

Regular updates from Paytm show the commitment of its leadership towards business goals, the law, and a successor who would be able to carry on. Thus, as Nakul Jain takes on his new role as an entrepreneur and innovator at the helm of a new company, the company pays its respect for his contributions while ushering a new era of its fintech innovation.

We will keep you updated on this issue, and will also keep you updated with how PPSL and other significant players are reacting to these changes in Indian payments infrastructure, soon.