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Nakul Jain Steps Down as Paytm Payments CEO for New Venture

News: Paytm Payments CEO Nakul Jain resigns to pursue entrepreneurship. The fintech firm denies ED probe claims while awaiting RBI’s PA license approval.

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Manisha Sharma
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Nakul Jain officially resigned from his role as Paytm Payments Services Limited (PPSL) Managing Director and CEO to launch his entrepreneurial venture according to confirming statements in a stock exchange document by One97 Communications Ltd.

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Leadership Transition at PPSL

Paytm seeks an appropriate successor for Jain and intends to reveal the new appointment when ready. During this time the company continues to prioritize business objectives and growth strategies.

 “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,” the exchange filing noted.

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Who is Nakul Jain?

Since Following his June 2022 PPSL entry Jain took charge of directing its online payment operations. Jain brings more than 21 years of professional expertise from retail banking through wealth management to international banking including digital payments experience having led teams at Standard Chartered Bank IndusInd Bank and ICICI Bank

Regulatory Hurdles & Payment Aggregator License

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The company makes its announcement while waiting for the Payment Aggregator (PA) license from the Reserve Bank of India (RBI). Paytm originally failed regulatory approval in November 2022 because the Reserve Bank of India detected a violation of Foreign Direct Investment regulations. Paytm received government clearance to invest money into PPSL in August 2024 before it applied for a PA license.

PPSL maintains its service execution as a payment aggregator for its present online merchant base even though regulatory approval remains pending.

At the same time One97 Communications added the 'Receive Money QR Widget' for Android users to support payment transactions. Users can place their QR codes prominently on their home screens through this new feature for easier payment processes with merchants and freelancers alongside influencers and delivery service providers.

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According to the sources, The Enforcement Directorate (ED) currently investigating eight payment gateways including Paytm to probe a cryptocurrency scam valued ₹2,200 crore involving Chinese nationals. The investigation has confirmed cryptocurrency mining investment activities in 20 separate Indian states according to financial investigators.

However, Paytm has strongly denied any involvement, stating:

“We confirm that we have not received any such new notice, communication, or query from the Enforcement Directorate regarding the matter mentioned in the media articles. The information published is factually incorrect and misleading.”

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Paytm’s path ahead throughout India's fintech market faces intensive scrutiny following leadership transitions while facing evolving regulatory restrictions.

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