Paytm lays off employees as part of restructuring, facilitates outplacement support

NEW DELHI: Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement.

Paytm’s sales employee headcount in the March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due to the impact of the Reserve Bank of India’s ban on services of Paytm Payments Bank.