Paytm Senior VP Praveen Sharma resigns from fintech firm

Praveen Sharma, a Senior Vice President at Paytm, resigned from his role at the fintech company, One97 Communications informed the Indian stock exchanges on Saturday.

As per the resignation letter, Sharma cited his interest in pursuing other opportunities as the reason for stepping down from the role. "I had a wonderful stint here. Wish you the best for the future," he signed off.

Sharma's resignation comes at a time when the Vijay Shekhar Sharma-led fintech firm is dealing with the Reserve Bank of India's (RBI) clampdown on the company's services.

Last month, the RBI ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business, including taking further deposits, conducting credit transactions, and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls, after February 29.

While users have the option to switch to other wallets, FASTag services, etc., provided by other vendors, the company said that PPBL is in discussion with RBI to comply with their direction for continuing the business.

Soon after, the National Payments Corporation of India (NPCI) approved the parent company of Paytm to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) under the multi-bank model.

The directive was aimed to ensure the continuity of UPI transactions through the Paytm app while reducing concentration risk in the UPI system by promoting multiple payment app providers, the RBI said in a statement.

On February 26, Vijay Shekhar Sharma resigned from the Board of embattled Paytm Payments Bank Ltd (PPBL) to enable the reconstitution of the board.