Paytm is undergoing a significant workforce reduction as part of its annual appraisal cycle, with reports indicating that the company is set to let go of about 20% of its employees across various departments. This move comes amid a challenging period for the company, as it faces a looming business halt ahead of the RBI ban deadline. The layoffs, which began two weeks ago, are part of a broader effort to downsize in response to regulatory actions by the Reserve Bank of India (RBI). Paytm Payments Bank, a unit of Paytm, which had 2,775 employees as of December 2023, is specifically mentioned as facing cuts. The situation has garnered attention from multiple news outlets, including Moneycontrol, Reuters, and ETtech, highlighting the impact of the RBI's regulatory scrutiny on the company's operations.
Sources have revealed that Paytm Payments Bank is preparing to cut approximately 20 per cent of its workforce after the RBI's regulatory action #Paytm https://t.co/3N8ruEeWXr
Layoffs in appraisal season? Paytm Payments Bank asked THESE employees to leave ahead of RBI ban deadline? https://t.co/W1WlIBnXky
India's Paytm banking unit to cut about 20% of staff as business halt looms, sources say https://t.co/oZ839A8sOI https://t.co/EFR8r9glaM
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In case you missed today's edition. Hawala operator Tibrewala casts a shadow on Ullu’s IPO, which was being hailed as India's largest SME IPO. -Layoffs at Paytm. For subscribers only. Subscribe at https://t.co/G8HWNV2dsG https://t.co/C4JAaiq6Sp
🚨 @PaytmBank to cut about 20% of #staff as business halt looms The unit had 2,775 employees as of December 2023, data from information provider Tracxn shows. https://t.co/jheKktyXRF
Stuck between a rock and a hard place, Paytm set to downsize. Explainer by @ujjainidutta_ & @ditipujara. https://t.co/42tRFwgB6l
Till just a few weeks it looked like there's no stopping Ullu Media. Its upcoming IPO was hailed as India's largest SME IPO. But now Ullu’s perfect story is starting to fall apart. By @Harveen_A. https://t.co/IVqsD1q8TH
In Today's Edition: -Hawala operator Tibrewala casts a shadow on Ullu’s IPO, which was being hailed as India's largest SME IPO. -Layoffs at Paytm. For subscribers only. Subscribe at https://t.co/G8HWNV2dsG https://t.co/B4VDmSCTJ0
🚨 Paytm is letting go of more employees as part of annual appraisal cycle https://t.co/JkBpfO9efL Scoop by @DanishKh4n & @nainasood
🚨 Moneycontrol exclusive: Paytm to let go of more employees as part of annual appraisal cycle. As per multiple sources, some departments have been asked to reduce their team size by as much as 20%. The exercise began two weeks ago. https://t.co/RMKablOJEY
🚨🚨Paytm to let go of more employees as part of annual appraisal cycle Break by @DanishKh4n and @nainasood https://t.co/8nHaYKN7vA via @moneycontrolcom