One97 Communications, the parent company of Paytm, is implementing layoffs of an undisclosed number of employees as part of its restructuring efforts.
This move aims to improve cost efficiency and streamline operations. The company has also committed to providing outplacement support to help the affected employees transition to new job opportunities.
However, One97 Communications Limited (OCL) offers outplacement support to resigned employees as part of the company’s restructuring efforts.
According to Business Today, A Paytm spokesperson said, “Our employees are our most valuable assets, and their well-being is of paramount importance to us.”
“As we navigate this period of transition, we are committed to upholding ethical standards and ensuring that our workforce is being provided with the necessary support”, the spokesperson added.
The spokesperson further added, “Our practices are guided by our longstanding commitment towards treating every employee with dignity, respect, and fairness.”
In May 2024, the company expanded its leadership team to build a large and profitable payment and financial services distribution business.
- Widens leadership team to work directly with Paytm CEO and senior management for the next phase of growth. Strengthens succession planning by empowering next-generation leaders.
- Bhavesh Gupta transitions to an advisory role, offering guidance for Paytm’s growth initiatives.
- Varun Sridhar transitions to Chief Executive Officer of Paytm Services Private Limited, focusing on the distribution of mutual funds and wealth management products.
- Appoints Rakesh Singh as the new Chief Executive Officer of Paytm Money.
Earlier in April, Surinder Chawla, Managing Director and CEO of Paytm Payments Bank submitted his resignation on Tuesday, April 9.
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The restructuring follows as on January 31, 2024, Reserve Bank of India (RBI) issued notice to Paytm Payments Bank and restricted accepting fresh deposits and doing credit transactions after February 29, further, this date was extended to March 15, 2024.
Post March 15, no fund transfers are allowed either, which means that it will not be able to offer most services on its App unless Paytm finds a new banking partner or partners.
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