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Paytm anticipates further layoffs due to RBI restrictions and performance evaluations

One 97 Communications, the parent company of Paytm, is considering job cuts across various departments as part of its annual performance evaluation, according to a report. The decision comes in the wake of regulatory restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payment Bank Ltd, the fintech firm’s banking arm, affecting several business operations.

While the exact number of affected employees has not been disclosed, sources cited by Moneycontrol indicate that certain departments have been instructed to reduce teams by as much as 20 percent. Although the layoff process reportedly commenced two weeks ago, a Paytm spokesperson disputed the reported percentage of job cuts and refrained from providing specific figures. The spokesperson clarified that the ongoing appraisal cycle is a standard practice aimed at assessing performance and aligning roles accordingly, emphasizing that this process is distinct from layoffs typically associated with performance evaluations.

Additionally, the spokesperson highlighted Paytm’s strategic shift towards AI-powered automation, aimed at enhancing operational efficiency. The company is redefining roles and tasks to better align with growth and cost-efficiency objectives, indicating a broader transformation effort within the organization.


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