According to Odaily Planet Daily, Indian fintech company Paytm is adjusting its management to develop payment and financial services. Paytm appointed Rakesh Singh as the new CEO of Paytm Money, the company's investment arm. Rakesh Singh has more than 20 years of experience in finance. He served as CEO of Fisdom's stock brokerage entity and also held important positions in ICICI Securities and Standard Chartered Bank. Rakesh Singh succeeds Varun Sridhar, who will serve as CEO of Paytm Services. Paytm Services is mainly responsible for wealth products and mutual fund distribution.
Bhavesh Gupta, who was previously president and chief operating officer of Paytm's payment and lending division, will leave for personal reasons. He will become a consultant to assist Paytm's expansion efforts until the end of the year. In April this year, Paytm also announced the resignation of Surinder Chawla, CEO and managing director of its banking division, which will take effect on June 26. Paytm founder Vijay Shekhar Sharma withdrew from the company's board of directors in February this year. Paytm said the new personnel appointments are consistent with the company's initiatives in expansion, innovation and regulatory compliance.