Paytm lays off undisclosed number of staff, says it is providing outplacement support


Paytm layoffs: One97 Communications Limited, the father or mother firm of Paytm, is presently present process a restructuring course of that entails an undisclosed number of folks being laid off.
According to a PTI report quoting the corporate assertion, Paytm is providing outplacement support to those staff, collaborating with over 30 corporations which might be presently hiring and aiding those that have chosen to share their data to facilitate their fast outplacement.
In an announcement launched on Monday, the corporate mentioned, “One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company.”
Paytm additionally claimed that it is guaranteeing equity and transparency within the course of by disbursing bonuses that had been on account of staff.
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Paytm’s gross sales worker headcount within the March 2024 quarter decreased by roughly 3,500 to 36,521 personnel in comparison with the earlier quarter, primarily because of the influence of the Reserve Bank of India‘s ban on Paytm Payments Bank providers.
The restructuring efforts come within the wake of the Reserve Bank of India’s (RBI) ban on Paytm Payments Bank Limited (PPBL), an affiliate of Paytm, from accepting deposits, credit score transactions, or top-ups in any buyer accounts, wallets, and FASTags, efficient from March 15 onwards. This resolution was made by the RBI to guard the pursuits of prospects, together with retailers.
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As a consequence of the ban, Paytm reported a widening of its loss to Rs 550 crore within the January-March 2024 quarter, in comparison with a loss of Rs 167.5 crore in the identical interval a yr in the past.
The firm said that it will proceed to prune its non-core enterprise strains and preserve a leaner group construction by means of AI-led interventions as half of its efforts to drive profitability, in step with its steerage for the fiscal yr 2024.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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