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The move comes less than three months after the Reserve Bank of India formally cancelled Paytm Payments Bank's licence.
This comes after Paytm received the central bank's final approval to operate as a payment aggregator last month.
The central bank's final approval comes as a huge regulatory relief to Paytm after its bid to get the PA license was rejected earlier.
Paytm has also approved the transfer of its offline merchant payments business to its wholly-owned subsidiary, Paytm Payments Services Ltd.
The approval comes barely a week after Ant Group's Antfin, backed by Chinese giant Alibaba, offloaded its entire 5.84% stake in Paytm.
Sudhir Sehgal is set to join Paytm Payments Services Limited as Chief Operating Officer.
Nearly 10-15 senior executives—at the AVP, VP, and SVP levels—have been let go from Paytm Payments Services Limited, which is still awaiting its final PA licence from the RBI.
The Noida-based fintech giant, which has re-applied for the payment aggregator license, is undergoing internal restructuring.
