Paytm's Chief Operating Officer and President, Bhavesh Gupta tendered his resignation, citing personal reasons, according to a statement by the fintech company.

Gupta, who oversaw the payments and lending businesses, will transition to an advisory role to support Paytm's growth initiatives until the end of the year. His resignation, effective from May 31, 2024, was accepted by the company.

In his resignation letter addressed to Paytm founder Vijay Shekhar Sharma, Gupta expressed his inability to continue as President and COO due to personal reasons. He will continue to serve as an Advisor in the CEO office until his last working day.

This development comes just before Paytm is set to release its financial results for the March quarter of 2024. There is anticipation that the company's financial performance for this period might be impacted by restrictions imposed on its associated firm, Paytm Payments Bank Limited (PPBL).

In a restructuring move, Rakesh Singh was appointed as the new CEO of Paytm Money, while Varun Sridhar, former head of Paytm Money, was appointed as CEO of Paytm Services, responsible for mutual fund distribution and wealth management product offerings.