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Paytm, a leading fintech company, announced layoffs as part of a restructuring plan. This comes after the workforce decreased earlier as a result of the RBI’s February 2024 restriction on Paytm Payments Bank (PPBL) services.
- RBI Ban on PPBL Services: Paytm’s business model was impacted by the RBI ban, which prevented it from taking new deposits, credit transactions, and wallet top-ups.
- Focus on Cost Efficiency: To solve the issue, Paytm concentrated on cost-cutting strategies, such as a more concise organizational structure.
- Unknown Layoffs and Outplacement Assistance: Paytm recently laid off an undisclosed number of workers. To assist impacted employees in finding new employment, the organization offers outplacement support, which includes working with hiring organizations.
Previously Announced Layoffs: It was reported that in March 2024, Paytm let go of about 3,500 workers, most of whom were in the sales department.
Concentrate on AI and Growth: In spite of the reorganization, Paytm is still dedicated to expanding. The business is looking into new opportunities for growth and investing in AI capabilities.
Fairness and Transparency: Paytm prioritizes fairness by giving employees their overdue bonuses even in this difficult period.
The Indian IT Sector: According to sources, Paytm‘s layoffs are part of a larger restructuring trend. In the Indian IT sector, it may affect over 20,000 people through silent layoffs.
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