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

Economic TimesEconomic Times · 4m
Paytm lays off employees as part of restructuring, facilitates outplacement support

One97 Communications, the parent company of Paytm, is reportedly laying off an undisclosed number of employees. The move comes as a result of the Reserve Bank of India's ban on Paytm Payments Bank's services. The company is providing outplacement support to affected employees and assisting them in finding new job opportunities. Paytm did not disclose the exact number of employees impacted by the restructuring. Additionally, the company is disbursing due bonuses to ensure fairness and transparency. Paytm reported a widening loss of Rs 550 crore in the January-March 2024 quarter. One97 Communications plans to focus on its core business lines and maintain a leaner organizational structure.

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