Paytm's President and COO Bhavesh Gupta resigns amidst company reshuffle, moves to advisory role

Paytm is undergoing some major changes as its president and chief operating officer (COO), Bhavesh Gupta, steps down from his position. Gupta has stated personal reasons for resigning, while the company says it's part of a wider reorganisation.

During a meeting on Saturday, May 4, Paytm's board accepted Gupta's resignation, which will take effect from May 31. Paytm has announced that Gupta will now serve in an advisory role within the company.

In a statement, Paytm's board confirmed the acceptance of Gupta's resignation and mentioned that he will officially leave the company at the end of business hours on May 31, 2024.

“The Board of Directors of the Company at its meeting held on May 04, 2024 took note of the resignation tendered by Mr. Bhavesh Gupta, President and Chief Operating Officer of the Company vide his letter dated May 04, 2024. His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024,” the company said in a filing.

Gupta's departure adds to the list of senior executives who have recently resigned from Paytm.

Paytm encountered significant challenges following an order from the Reserve Bank of India (RBI) to halt its Payments Bank operations in the country. Additionally, the platform was compelled to discontinue its Fastag services, causing inconvenience to many users.

However, Paytm received approval to operate as a third-party aggregator, similar to services offered by Google Pay and WhatsApp Pay in India. Subsequently, Paytm users were informed that their existing @paytm UPI IDs would no longer be valid, and they would need to transition to new IDs during the migration process.

For those who missed the automatic migration or have been awaiting the change, it's now possible to manually switch UPI IDs within the app, and the process is straightforward. Multiple available UPI IDs can be activated by following these steps:

1. Open the Paytm app on your phone.
2. Tap on your profile account.
3. Scroll down and select "UPI and Payment Settings."
4. Your current UPI ID will be displayed at the top.
5. Click on the "Edit" button to view different available UPI IDs for your account.
6. The primary UPI ID, visible to those you pay, will be at the top.
7. Below that, you'll find other available UPI IDs.
8. Click on "Activate" to use the UPI IDs from different banks.
9. The UPI ID will be authenticated via SMS verification using your registered mobile number.