The recent ban imposed by the reserve bank of india (RBI) on paytm Payments Bank, effective from march 15, has led to significant losses for the company, sparking concerns about potential layoffs. These fears were exacerbated by the resignation of paytm Senior Vice President praveen Sharma on march 23. However, Paytm's parent company, One97 Communications, has refuted any plans for layoffs.
In an exchange filing on Saturday, One97 Communications announced praveen Sharma's resignation, citing personal reasons and his desire to explore other opportunities. Prior to joining paytm, Sharma had a nine-year tenure at Google. The company clarified that reports suggesting imminent layoffs are baseless and do not align with its future plans.
One97 Communications stated that paytm is currently undergoing its annual appraisal process, during which team performance is closely monitored. Changes in responsibilities may occur as part of this process, which is standard corporate procedure and should not be misconstrued as layoffs. The company emphasized its focus on restructuring for future growth and stability, affirming its commitment to providing excellent wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment and financial services to customers.
Overall, paytm seeks to maintain workforce stability while strategizing for the company's advancement in the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment sector. The ongoing restructuring efforts aim to position paytm for continued success and innovation in the financial services industry.
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