🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

Paytm employees cry foul after being asked to quit

Economic Times

Economic Times · 1y ago

Paytm employees cry foul after being asked to quit

Paytm employees are reportedly being asked to voluntarily resign without notice following the RBI's decision to end Paytm Payments Bank and the wallet business. Many employees are being denied severance pay and are being asked to repay their joining and retention bonuses. Employees claim that they have not received formal communication about the job losses and have been warned against recording HR meetings. Some employees are refusing to resign and have formed a social media group to discuss next steps, including seeking legal advice and lodging complaints with the labor ministry. Paytm denies the allegations and claims to be supporting employees during the transition. Paytm reported a loss of Rs 550 crore in January-March 2024.

Related News

All is well, all is rocking: Paytm CEO on senior employees' exits

Twitter · 1y ago

All is well, all is rocking: Paytm CEO on senior employees' exits

Paytm CEO Vijay Shekhar Sharma replied to a reporter who asked why multiple senior level employees are quitting the startup, saying, "All is well and all is rocking." This comes after Paytm Payments Bank MD Surinder Chawla and Paytm's Chief Marketing Officer Sumit Mathur resigned from their roles in April. Paytm's Chief Operating Officer Bhavesh Gupta had quit in May.

Paytm job cuts: Employees allege forced resignation, no severance & more: Report

Livemint

Livemint · 1y ago

Paytm job cuts: Employees allege forced resignation, no severance & more: Report

Several employees of Paytm are reportedly facing job cuts as the company undergoes organizational restructuring. The affected employees claim to have been asked to resign without being paid severance or retention bonuses. Paytm denies the allegations and states that terminations were conducted through official channels. The reported job cuts come after the Reserve Bank of India's decision to close Paytm's financial arm and wallets business. Some employees are resisting the job losses and seeking legal recourse, while others have voluntarily resigned to avoid being terminated.

Report says Paytm asked fired staff to return bonuses, firm denies

Hindustan Times

Hindustan Times · 1y ago

Report says Paytm asked fired staff to return bonuses, firm denies

Paytm denied reports saying it's asking fired employees to pay back their joining and retention bonuses, which the startup retrieves if an employee quits within 18 months of joining. Reports also claimed that Paytm asked fired employees to "voluntarily resign" without any prior notice. Some employees reportedly said Paytm's HR team warned them of repercussions for failing to resign voluntarily.

Paytm Payments Bank to cut about 20% of staff as business halt looms

VCCircle

VCCircle · 1y ago

Paytm Payments Bank to cut about 20% of staff as business halt looms

Indian digital payments firm Paytm Payments Bank is expected to cut nearly 20% of its workforce as the future of the unit remains uncertain. The Reserve Bank of India has ordered the bank to halt most operations by 15 March, following compliance breaches. Paytm Payments Bank, of which Paytm owns a 49% stake, had 2,775 employees as of December 2023. Paytm shares have dropped 54% in value since the regulatory clampdown, and employees are reportedly frustrated after being told there would be no layoffs.

Paytm Likely To Cut 20% Workforce As Part Of Annual Performance Review

Inc42 · 1y ago

Paytm Likely To Cut 20% Workforce As Part Of Annual Performance Review

Indian fintech giant Paytm is reportedly preparing to cut jobs as part of its annual performance review process. The move comes after the Reserve Bank of India (RBI) recently imposed restrictions on the company's payments bank, preventing it from conducting certain activities. Paytm has not confirmed the number of employees affected, but it is believed that some departments have been asked to reduce their teams by as much as 20%. In addition to the job cuts, Paytm is also focusing on incorporating AI-powered automation into its operations.

OpenAI releases former staffers from non-disparagement clauses

Economic Times

Economic Times · 1y ago

OpenAI releases former staffers from non-disparagement clauses

OpenAI will release former employees from nondisparagement agreements and will not cancel vested equity for those who speak out about the company, according to a message sent to former employees. This change comes after concerns were raised about restrictions placed on employees. OpenAI had asked some employees to sign nondisparagement agreements tied to their shares, which could have led to equity being revoked if employees spoke negatively about the company. OpenAI will remove this language from exit paperwork and release former employees from nondisparagement agreements, unless the agreement was mutual.

I agree: Paytm's Sharma as ChatGPT calls Musk 'most important man'

Twitter · 1y ago

I agree: Paytm's Sharma as ChatGPT calls Musk 'most important man'

Paytm CEO Vijay Shekhar Sharma reacted to OpenAI's ChatGPT 4o calling billionaire Elon Musk the "most important man" alive on Earth today. On being asked to name the most important man on Earth, the chatbot first said Albert Einstein. When asked to name a man alive, it named Elon Musk. "I agree," said Sharma.

Paytm Senior VP Praveen Sharma quits to pursue other opportunities

Inshorts · 1y ago

Paytm Senior VP Praveen Sharma quits to pursue other opportunities

Paytm Senior Vice President Praveen Sharma has quit the fintech startup to pursue other opportunities, Paytm said in an exchange filing. Praveen, who tendered his resignation to CEO Vijay Shekhar Sharma on Saturday, will work with Paytm till Sunday (March 31). "I had a wonderful stint here," said Praveen, who has worked at Paytm since September 2019.

5,000+ Layoffs Expected At Paytm Amid Push For Efficiency: Report

Inc42 · 1y ago

5,000+ Layoffs Expected At Paytm Amid Push For Efficiency: Report

Paytm plans to reduce its workforce by 5,000 to 6,300 as part of a cost-saving plan. The company had an average of 32,798 employees in FY23, with 29,503 actively on-roll and 1,589 off-roll employees globally. This move comes after Paytm founder Vijay Shekhar Sharma previously assured employees that there would be no layoffs.

ED, authorities have been sending notice, request to Paytm for info on customers: OCL

Economic Times

Economic Times · 1y ago

ED, authorities have been sending notice, request to Paytm for info on customers: OCL

Paytm and Paytm Payments Bank have been receiving notices and requests for customer information from authorities, including the Enforcement Directorate (ED). Paytm stated that its banking arm does not undertake outward foreign remittances. This comes after recent media reports claimed that the ED has launched a preliminary inquiry into Paytm Payments Bank for alleged FEMA violations. Paytm shares have plummeted by 18% since Tuesday as a result. The RBI has also been asked to share its report on barring Paytm Payments Bank from accepting deposits or top-ups in customer accounts.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.