Despite top-level executives leaving Paytm Payments Bank in the last three to four months, an interesting senior hiring has been carried out by the bank as it ropes in Anubhav Sharma, who was heading Unified Payments Interface and Immediate Payment Service at the National Payments Corporations of India for a top role. He has reportedly moved out of NPCI.

Paytm's online payment business lead Puneet Jain, Paytm First's head Siddharth Pandey and Paytm Mall's CFO Rudra Dalmia had put in their papers recently.

The headquarters for Paytm, India's leading digital payments firm, is pictured in Noida REUTERS/Sankalp Phartiyal/File Photo

The firm has carried out some other appointments also as many of its senior-level executives leave the firm. Paytm has been hiring across levels. According to a report, the firm has hired around 20 people in leadership roles.

It seems that Sharma will look after digital payments for banking business because Paytm has reduced its dependency on UPI to focus on banking services that include wallet, IMPS, NEFT and RTGS.

On the condition of anonymity, a source at the bank stated, the announcement is yet to be made about Sharma's appointment but it has been finalised. The firm would get benefitted from his years of experience in digital payments to ramp up its UPI-based payments system and payments bank.

Paytm and NPCI yet to announce the developments

His exact role at Paytm Payments Bank is yet to be ascertained. Paytm and NPCI have not announced the developments.

Sharma worked at the NPCI for over eight years and headed UPI/IMPS and has product management experience in NFS ATMs, IMPS, Prepaid Instruments (PPI) Business and UPI.

Another source stated that Paytm's UPI will get a push with Sharma's appointment as it was lagging behind Google Pay and PhonePe in terms of processing number of transactions since October 2019.

According to data, in May, the monthly UPI transactions volume of Paytm stood at 124 million, Google Pay was 541 million and PhonePe was 444 million.

Paytm's subsidiaries have been wrestling with the exit of senior executives and Sharma's appointment is expected to give Paytm the much-needed lift.