Mumbai, April 1: Paytm-parent One97 Communications (OCL) has reportedly asked employees to resign amid the restructuring in the organisation. The company was expected to cut some jobs during the appraisal process that it conducts frequently, but now the employees are reportedly looking for "voluntary resignations." On the other hand, the company denied the buzz related to the Paytm layoffs. 

According to a report by Business Standard, sources informed that some of the company's departments had a huge impact, leading to a reduction of 50% in headcounts. The report mentioned that the exact number of employees affected by the layoffs could not be known. The report highlighted that some affected units included marketing, telecommunication, and PPBL (Paytm Payments Bank Limited). Layoffs 2024: US States Missouri and Michigan Hit by Mass Layoffs in Automobile, Manufacturing and Other Sectors, More Employees To Be Affected.

Paytm went through a troubled past two months, including February and March, as the RBI banned the PPBL services. Last week, One97 Communication informed us that Senior Vice President Praveen Sharma had resigned. As per the report by Business Outlook India, Praveen Sharma resigned to "pursue other opportunities".

The report said and the fintech firm was expected to cut 25% to 50% of its workforce. These allegations and rumours were called by Paytm as "baseless". However, the employees still had concerns about the safety of their jobs. Paytm reportedly said to focus on sustainable growth, innovation and providing exceptional services. The company urged the public to rely on the verified and factual information. Zee Layoffs: Zee Entertainment Lays Off 50% Employees at Its Bengaluru-Based Technology and Innovation Centre.

Paytm Denies Layoff Reports:

Paytm categorically refuted the rumors suggesting layoffs and said the company is conducting routine annual appraisal process, "which involves thorough performance evaluations". "We strongly deny any claims of layoffs within the company. Our focus continues to be on growth, innovation, and delivering seamless service to our customers. We urge stakeholders to rely on official communications for accurate information and disregard speculative narratives," it clarified.

Paytm has been in the news for two months after RBI's announcement of the deadline to shut down Paytm Payments Bank's services. However, the NCPI (National Payments Corporation of India" approved One97 Communication Limited to become the third-party UPI service provider, leading to act under the "multi-bank model".

(The above story first appeared on LatestLY on Apr 01, 2024 10:03 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).