Paytm cuts jobs as part of restructuring, facilitates outplacement support

An undisclosed number of employees are being laid off from the fintech firm One97 Communications, owner of Paytm brand. The firm claimed that it will provide outplacement support for their smooth transition, the company said in a statement, reported PTI.

In the March 2024 quarter, Paytm experienced a reduction in its sales employee headcount, declining by approximately 3,500 to 36,521 personnel compared to the previous quarter. This decline was primarily attributed to the repercussions of the Reserve Bank of India’s prohibition on services provided by Paytm Payments Bank.