Krishna Hegde, who headed the lending business of India’s payment major Paytm, has been resigned from the Alibaba-backed company. Hegde had joined Paytm in the capacity of a senior vice president and to lead the consumer investment products at Paytm’s Payments Bank division.
This is the third high-profile exit for the Noida-based company. Earlier in 2016, Vikas Purohit, senior vice-president at Paytm and Amit Lakhotia, vice president of payments had put in their papers.
According to an ET report, Hegde quitting the Vijay Shekhar Sharma led company has been confirmed by its sources. Also, Hegde’s LinkedIn profile reads, ‘Ready to make things even more exciting’ stating end of his professional journey at Paytm for about 2 years from February 2016 to January 2018.
Till Jan 2017, he headed the team that has built multiple Paytm Financial Services including loans & gold.
To join Paytm in February 2016, Hegde had relocated to Paytm’s headquarters in Noida from Singapore where he was managing director for credit research at Barclays.
In October 2017, Hegde was moved from heading Paytm Gold to oversee the company’s lending segment in Paytm’s bid to offer financial products to customers and merchants with other lenders.
Apart from being a seed-stage investor in multiple Bangalore-based companies, Hegde was associated with Barclays for a tenure of over seven years. Besides, he has also worked with Lehman Brothers and IDFC Private Equity.
In January 2017, Paytm received final approval of the Reserve Bank of India (RBI) to launch its payments bank. As per the RBI’s approval, payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account.
As far as lending is concerned, Paytm cannot lend directly to its users. Due to RBI regulatory restrictions, the firm can offer certain services as of now. It can take savings deposits and remittances but are not permitted to lend.
However, it has got permission from banking regulator to tie-up with lending firms to offer loan to its customers.