India’s Paytm Payments Bank Names Rathore Interim CEO as Gupta Retires

Paytm Payments Bank is adding several seasoned banking and financial services leadership personnel as it works to keep up with the mass-digitization going on in society at large, a press release said.

The update will see Deependra Singh Rathore being the new interim CEO for now, in addition to his existing jobs as chief product and technology officer. CEO Satish Gupta is retiring this month.

There will be a new full-time CEO announced soon, the press release said.

In addition, Sunil Chander Sharma, a former IRS officer, will be the new COO for the company. His job will involve overseeing the customer support, retail operations, legal and Law Enforcement Agencies (LEA) and Human Resources and Administration for the company.

It comes as the bank is looking to get more entrenched in India’s digital banking operations, trying to work on problems at scale with “technology-driven solutions.”

“We are focused on bringing the best of technology-driven banking to drive financial inclusion,” said a spokesperson. “As we continue our journey, we are excited to strengthen our leadership team and have seasoned experts from banking and financial services join us.”

Paytm has seen some trouble recently, with an Indian federal agency raiding some of its offices, along with some searches of PayU locations, earlier in the year.

Read more: Report: Indian Federal Agency Searched Some Paytm, PayU Locations

India’s Enforcement Directorate (ED), the country’s crime-fighting agency, had also previously searched six locations belonging to Razorpay, Paytm and Cashfree Payments, saying they were part of a probe against “illegal instant smartphone-based loans.”

A Paytm spokesperson said at the time that the searches were to do with a matter that the company had already notified the Stock Exchange about as of September.

“As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, we have shared the required information,” the Paytm spokesperson said in the email.