Sharma will be relieved of his services on March 31
He held executive positions at Google for nine years prior to joining Paytm, with a focus on India and the Asia-Pacific regions
In January, the RBI issued a directive that barred Paytm Payments Bank from taking any deposits, credit transactions or top-ups in any of its customer accounts post February 29, which was later extended to March 15
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Praveen Sharma, senior vice president of business at Paytm’s parent entity One 97 Communications, has resigned nearly after over four years, the company said in an exchange filing.
He will be relieved of his services on March 31.
Sharma, in his resignation letter, said he intends to pursue “other opportunities” after his exit from the company.
He held executive positions at Google for nine years prior to joining Paytm in 2019, with a focus on India and the Asia-Pacific regions.
This comes days after Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma stepped down from the board of Paytm Payments Bank following regulatory issues.
Meanwhile, Paytm is reportedly planning to transfer its point of sale (PoS) terminals, used for processing card payments at merchant establishments, to RBL Bank.
While One 97 Communications will retain responsibility for operating and managing these terminals under the Paytm brand, the transaction processing will now be handled by RBL Bank.
In January, the RBI issued a directive that barred Paytm Payments Bank from taking any deposits, credit transactions or top-ups in any of its customer accounts post February 29, which was later extended to March 15.
Earlier last week, One97 Communications secured the Third-Party Application Provider (TPAP) licence from the National Payments Corporation of India (NPCI).
With the licence, the fintech major can operate UPI services under a multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and Yes Bank will act as payment system provider (PSP) banks to One 97 Communications.
Since the RBI announcement, Paytm shares have crashed nearly 60%. Further, six mutual funds completely divested their holdings in Paytm’s parent company last month, while another six significantly reduced their stakes. The total divestment stood at over 91 Lakh shares valued at INR 380 Cr by the end of February.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.