Paytm Crisis: The Reserve Bank of India (RBI) ban imposed on Paytm Payments Bank has come into effect from March 15. Due to this the company's business has suffered huge losses. Now in this time of crisis, clouds of fear of layoffs are looming in Paytm. Paytm Senior Vice President Praveen Sharma had recently resigned. After this it was believed that there could be 30 to 50 percent layoffs in the company. But Paytm's parent company One97 Communications has denied any layoff plans.
Praveen Sharma had resigned on 23 March
One 97 Communications said in an exchange filing on Saturday that Praveen Sharma had resigned from his post on March 23. He has left the company due to personal reasons. Now he wants to explore other possibilities. Before joining Paytm, Praveen Sharma was working with Google for 9 years. The company said that we are not going to do layoffs. Such reports are baseless. These have nothing to do with the company's upcoming plans.
Paytm is engaged in the annual appraisal process
According to the exchange filing, Paytm is currently engaged in the annual appraisal process. We are all closely monitoring the performance of the team. There may also be changes in their responsibilities during this period. This is normal corporate procedure. This has nothing to do with layoffs. We are currently restructuring the company. This process should not be linked to retrenchment. Paytm wants stability in its workforce and is busy in planning to take the company forward in the future. We will continue to provide excellent services to the people in the digital payment and financial services sector.
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