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Online payments platform Paytm has refuted reports of 25-50 per cent workforce reduction, calling them ‘baseless’ and added that they ‘inaccurately represent the company’s operational and strategic planning’, ANI reported.
Paytm has said that it currently engaged in the annual appraisal process, which is a standard practice across organisation and does not indicate layoffs.
The company in its exchange filing also said that its restructuring efforts and performance-related adjustments are ‘misconstrued’ as layoffs.
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“The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives,” the agency quoted the Paytm statement.
“Paytm remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations,” the company added.
Paytm has been in the news since the Reserve Bank of India (RBI) barred its lending subsidiary, the Paytm Payments Bank from accepting new deposits. On March 14, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), to participate in UPI services as a third-party application provider (TPAP).
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“The RBI has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024,” Paytm had said in an FAQ.
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