Nakul Jain steps down as the Paytm Payments Services CEO

Nakul Jain is the Managing Director and CEO of Paytm Payments Services Limited (PPSL). He joined PPSL in June 2022 and is in charge of the Online Payments business

Paytm’s Nakul Jain has stepped down as the chief executive of Paytm Payments Services Limited (PPSL) to pursue his own entrepreneurial venture, according to the stock exchange filing of the company filed on Monday. 

 

In its filling, the digital payment platform said it is looking for a replacement. “Nakul Jain, Managing Director and Chief Executive Officer of PPSL, has resigned from his position w.e.f. close of business hours on March 31, 2025 or an earlier mutually agreed date. Mr Jain has decided to pursue an entrepreneurial journey, which has led him to this decision” reads the filing. 

 

“PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives,” the statement mentioned. 

 

 

This comes as the fintech company waits for the central bank’s approval for its payment aggregator licence. In November 2022, the Reserve Bank of India (RBI) rejected Paytm’s application due to non-compliance with Foreign Direct Investment regulations. In August 2024, Paytm received government approval for downstream investment into PPSL, after which the company reapplied for the PA licence.

 

While awaiting approval, PPSL has stated that it continues to offer payment aggregation services to its existing online merchants.

 

Nakul Jain

Nakul Jain is the outgoing managing director and CEO of Paytm Payments Services Limited (PPSL). He joined PPSL in June 2022 and is in charge of the Online Payments business. Nakul has more than 21 years of experience in areas like retail banking, product management, wealth management, international banking, and payments. Before joining Paytm, he was part of the management team at Standard Chartered Bank, where he helped improve the Individual Banking business. He has also held leadership positions at IndusInd Bank and ICICI Bank.

 

ED probe and Paytm’s denial 

 

On January 24, The Times of India reported that the Enforcement Directorate (ED) is investigating eight payment gateways, including Paytm, over a cryptocurrency scam involving 10 Chinese nationals. The investigation is centered around Rs 2,200 crore raised across 20 states for cryptocurrency mining investments. The payment gateways under scrutiny include Paytm, RazorPay, PayU, and Easebuzz.

 

Clarifying media reports: There is no new ED search or probe. Please refer to our stock exchange filing for details: https://t.co/wu21hgOTRP pic.twitter.com/8KmfjVv0b2

— Paytm (@Paytm) January 24, 2025

However, responding to media reports, Paytm denied any such action by the ED. In its statement, the finetech firm said, “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 and we had not received any query from the media prior to the publishing of this news article.”