Paytm lays off employees as part of restructuring, facilitates outplacement support : The Tribune India

Join Whatsapp Channel

Paytm lays off employees as part of restructuring, facilitates outplacement support

It does not disclose the number of employees impacted by the restructuring

Paytm lays off employees as part of restructuring, facilitates outplacement support

“The company’s human resource teams are actively collaborating with over 30 companies that are currently hiring, ” the company said on Monday. Reuters file



PTI

New Delhi, June 10

Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement.

Paytm’s sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due to the impact of the Reserve Bank of India’s (RBI) ban on services of Paytm Payments Bank.

“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company.

“The company’s human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement,” the company said on Monday.

However, Paytm did not disclose the number of employees impacted by the restructuring.

“Paytm is also disbursing bonuses which were due to employees, ensuring fairness and transparency in the process,” the statement said.

The RBI had barred Paytm Payments Bank Limited, an associate of Paytm, from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.

Paytm has reported widening of loss to Rs 550 crore in January-March 2024, following the ban imposed by RBI on transactions related to its payments bank.

The company had posted a loss of Rs 167.5 crore in the same period a year ago.

“As part of its FY24 earnings release, One97 Communications stated that it will be pruning its non-core business lines, and will continue its efforts to maintain a leaner organisation structure through AI-led interventions. The company has been actively working towards driving profitability, in line with its guidance,” the statement said.


Top News

CBI team probing UGC-NET case ‘attacked’ in Bihar's Nawada, 4 arrested

CBI team probing UGC-NET paper leak case 'attacked' in Bihar’s Nawada, 4 arrested

The probe agency had registered an FIR into UGC-NET paper le...

CBI takes over probe into irregularities in NEET-UG; FIR registered

CBI files FIR over alleged irregularities in NEET-UG; sends special teams to Bihar, Gujarat

The medical entrance exam was held across 4,750 centres on M...

48% candidates who were awarded grace marks in NEET-UG 2024 skip retest: NTA

48% candidates who were awarded grace marks in NEET-UG 2024 skip retest: NTA

The retest was conducted at seven centres following an order...

Excise policy case: Arvind Kejriwal moves Supreme Court against Delhi High Court's interim stay on bail order

Excise policy case: Arvind Kejriwal moves Supreme Court against Delhi High Court's interim stay on bail order

The high court on Friday paused release of the embattled CM ...

Two CoBRA personnel killed as Naxals blow up truck in Chhattisgarh’s Sukma district

Two CoBRA personnel killed as Naxals blow up truck in Chhattisgarh’s Sukma district

The blast took place around 3 pm near Timmapuram village bet...


Cities

View All