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Paytm, the popular online payments platform, has refuted recent reports claiming a significant reduction in its workforce by 25-50%. The company has dismissed these reports as ‘baseless’ and clarified that it is currently engaged in its annual appraisal process, which is a routine practice and not indicative of layoffs.
In a statement reported by ANI, Paytm emphasized that the reports inaccurately portray the company’s operational and strategic planning. It further explained that restructuring efforts and performance-related adjustments are being misconstrued as layoffs. Paytm emphasized its commitment to sustainable growth, innovation, and providing excellent service to customers, urging stakeholders and the public to rely on factual information from official sources.
The company reiterated its dedication to leading India’s digital payments and financial services landscape, emphasizing its focus on innovation, customer service, and team development amidst speculation about layoffs.
Paytm has been under scrutiny following the Reserve Bank of India’s (RBI) decision to bar its lending subsidiary, Paytm Payments Bank, from accepting new deposits. This development occurred alongside the National Payments Corporation of India (NPCI) granting approval to One97 Communications Limited (OCL), Paytm’s parent company, to participate in UPI services as a third-party application provider (TPAP).
Despite these regulatory actions, Paytm clarified in an FAQ that while new deposits and credit transactions would not be accepted by Paytm Payments Bank after March 15, 2024, existing customers could continue to withdraw money from their accounts without restrictions.
Paytm’s response to the workforce reduction reports comes amidst a dynamic regulatory environment in India’s fintech sector, highlighting the company’s efforts to navigate challenges while maintaining its core mission and services.
Sources By Agencies
