Paytm, the leading online payments platform, has dispelled rumors of significant layoffs, asserting its dedication to annual appraisal processes and sustainable growth strategies. Recent reports suggesting a workforce reduction of 25-50% were deemed ‘baseless’ and ‘inaccurate’ by the company, highlighting the ongoing annual review as a standard organizational practice.
In a statement, Paytm emphasized that restructuring efforts and performance-related adjustments should not be misconstrued as layoffs. The company urged stakeholders and the public to rely on factual information from official sources, dismissing speculative narratives surrounding its operations.
Addressing concerns, Paytm reiterated its commitment to sustainable growth, innovation, and customer service. Despite recent regulatory challenges, including the Reserve Bank of India’s (RBI) restriction on its lending subsidiary, Paytm remains dedicated to its mission of leading India’s digital payments and financial services landscape.
On March 14, the National Payments Corporation of India (NPCI) granted approval to Paytm’s parent company, One97 Communications Limited (OCL), to participate in UPI services as a third-party application provider (TPAP). However, Paytm Payments Bank faced restrictions from the RBI, prohibiting new deposits and credit transactions after March 15, 2024.
In light of these developments, Paytm assured its users that existing balances could still be withdrawn from Paytm Payments Bank Accounts/Wallets post-March 15, 2024. The company remains focused on innovation, customer service, and team development, reaffirming its commitment to navigating regulatory challenges and emerging stronger in the digital payments sector.
