Paytm, the prominent online payments platform, has dismissed reports suggesting a significant reduction of its workforce by 25-50 per cent as baseless. According to ANI, Paytm emphasized that these reports inaccurately represent the companys operational and strategic planning.The company clarified that it is currently undergoing its annual appraisal process, a routine practice across organizations, and this should not be misconstrued as layoffs. Additionally, Paytm stated in its exchange filing that its restructuring efforts and performance-related adjustments are being misrepresented as layoffs.Addressing the speculations, Paytm released a statement urging stakeholders and the public to rely on verified information from official sources and disregard speculative narratives. The statement reiterated Paytms commitment to sustainable growth, innovation, exceptional customer service, and team development.Furthermore, Paytm emphasized its dedication to leading Indias digital payments and financial services landscape despite the ongoing discussions about potential layoffs. The company emphasized its mission of innovation, customer service excellence, and team growth amid the speculations.Recent developments surrounding Paytm include the Reserve Bank of India (RBI) barring its lending subsidiary, Paytm Payments Bank, from accepting new deposits. On March 14, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), Paytms parent company, to participate in UPI services as a third-party application provider (TPAP).In response to these regulatory changes, Paytm informed its users about the RBI directive restricting Paytm Payments Bank from accepting new deposits or credit transactions after March 15, 2024. However, there is no restriction on withdrawing money from existing balances post this date, as stated in Paytms FAQ.
