ICICI Securities CFO Vipul Mewada Joins Paytm Money

ICICI Securities’ Deputy Chief Financial Officer (CFO) Vipul Mewada has been appointed as the CFO at Paytm Money, reports The Economic Times.

Since April 2023, the CFO post has been vacant at Paytm Money since Amit Kapoor resigned after spending almost three years.

The appointment came shortly before the Reserve Bank of India’s (RBI) action against Paytm Payments Bank, and Paytm Money confirmed Mewada’s appointment. Paytm Money has been operated independently from the payments bank. The RBI’s directive to stop banking services at the end of the month prompted an inspection by the Central Depository Services India (CDSL) into Paytm Money’s customer verification process.

Paytm Money, focusing on stock markets and mutual fund investments, remains a significant player in the direct mutual fund segment. However, it has faced slower growth in stockbroking compared to rivals like Groww and Zerodha.