Paytm Payments Services Limited (PPSL) Managing Director and Chief Executive Officer (CEO) Nakul Jain has resigned from his post. One97 Communications has given this information in a filing to the stock market. Paytm’s payments services One97 Communications is a subsidiary of Paytm. Paytm Payments Services Limited is owned by One97 Communications.
Resignation to pursue entrepreneurial journey
The company informed the stock market that Nakul Jain has decided to step down from this position to pursue his entrepreneurial journey. His resignation will be effective on or before the close of business on March 31, 2025, by mutual consent.
Search for new CEO underway
PPSL has said it is looking for a new CEO and an announcement will be made soon. The company also said it is committed to growing and expanding its business and meeting its business objectives.
The investment was approved by the Government of India.
The company said that PPSL was granted permission for ‘downstream’ investment through a letter from the Ministry of Finance, Government of India on 27 August 2024. After this approval, the next process will be completed, until the application is approved, PPSL will continue to provide payment aggregation services to its existing online merchants. The company said that with the appointment of a new CEO, it will work towards providing better services in the future.
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