Bhavesh Gupta, chief operating officer and president of One 97 Communications Ltd (OCL), the parent company that owns and operates the Paytm brand, has resigned, the fintech firm informed stock exchanges on Saturday.
The biggest body blow Paytm received was when the Reserve Bank of India imposed severe restrictions on Paytm Payments Bank Ltd (PPBL), which ran the Paytm wallet, owing to a series of violations, particularly on the KYC front. It’s nothing short of an existential crisis for one of India’s most storied start-ups, and the big question is: where does Paytm go from here? Knowing Sharma’s go-getting nature, the Paytm story may have just got more interesting as the ambitious entrepreneur attempts to find his way out of this quagmire. For this issue's cover story, read a deep dive into the big Paytm story. This issue also brings you a detailed package on portfolio management services which have gained enormous traction over the past few years as India sees a burgeoning number of the super rich. All this and more in BT's latest issue. Out on stands now
Paytm Founder Vijay Shekhar Sharma is back in the trenches after RBI’s recent action left him without a banking platform. There are still some opportunities, but he will have to move swiftly to grab them