Paytm denies reports of 50% layoffs after RBI's action on Payments Bank

Paytm has said that it currently engaged in the annual appraisal process, which is a standard practice across organisation and does not indicate layoffs

Published on: Mar 24, 2024, 08:56:41 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Online payments platform Paytm has refuted reports of 25-50 per cent workforce reduction, calling them ‘baseless’ and added that they 'inaccurately represent the company's operational and strategic planning', ANI reported.

Paytm has said that it currently engaged in the annual appraisal process, which is a standard practice across organisation and does not indicate layoffs.

Paytm in its exchange filing also said that its restructuring efforts and performance-related adjustments are ‘misconstrued’ as layoffs (REUTERS)

The company in its exchange filing also said that its restructuring efforts and performance-related adjustments are ‘misconstrued’ as layoffs.

ALSO READ: Paytm's former employees are now running 22 startups worth over ₹10,000 crore

“The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives,” the agency quoted the Paytm statement.

“Paytm remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations,” the company added.

Paytm has been in the news since the Reserve Bank of India (RBI) barred its lending subsidiary, the Paytm Payments Bank from accepting new deposits. On March 14, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), to participate in UPI services as a third-party application provider (TPAP).

ALSO READ: SBI to partner with Paytm for its UPI business: Report

"The RBI has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024," Paytm had said in an FAQ.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Paytm

Follow India news real-time updates and the latest news covered on Hindustan Times, featuring today's critical updates on Sonam Wangchuk LIVE and more across India.