“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” the company said in a statement.
Paytm representation Image (Photo:IANS)
The parent company of Paytm, One97 Communications, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition.
“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” the company said in a statement.
“The company’s human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement,” it added.
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Paytm’s sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India’s ban on services of Paytm Payments Bank.
However, it did not not disclose the number of employees impacted by the restructuring.
“Paytm is also disbursing bonuses which were due to employees, ensuring fairness and transparency in the process,” the statement said.
“As part of its FY24 earnings release, One97 Communications stated that it will be pruning its non-core business lines, and will continue its efforts to maintain a leaner organisation structure through AI-led interventions. The company has been actively working towards driving profitability, in line with its guidance.”
In January, the Reserve Bank of India (RBI) had barred Paytm Payments Bank Limited (PPBL), from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
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