NEW DELHI: Bhavesh Gupta, President and Chief Operating Officer of Paytm’s parent company One97 Communications, has tendered his resignation, according to an official statement released on Saturday.

Gupta, who oversaw crucial aspects of Paytm’s operations including lending, online and offline payments, and regulatory compliance, has decided to step down from his role. His departure comes amid challenges faced by verticals under his purview, particularly following the Reserve Bank of India’s ban on Paytm Payments Bank (PPBL) from engaging in new transactions.

In response to Gupta’s resignation, Paytm announced that he will transition to an advisory role, offering guidance for the company’s growth initiatives until the end of the year. This move is attributed to personal reasons cited by Gupta for taking a career break.

The resignation of Bhavesh Gupta marks a significant development in Paytm’s leadership landscape and comes amidst ongoing efforts by the company to navigate regulatory hurdles and expand its presence in India’s competitive digital payments market. As Paytm embarks on a restructuring journey, the focus remains on maintaining operational efficiency and driving sustainable growth in the face of evolving industry dynamics.