Mumbai, February 27: RBI banned the services of Paytm Payments Bank by sending a notification on January 31, 2024. It affected the Paytm share prices within a few days and started spreading fear among the employees, merchants and customers. Founder and CEO Vijay Shekhar resigned from the board of Paytm Payments Bank - Paytm-parent One97 reportedly withdrew its nominee Vijay Shekhar Sharma from PPBL as a part-time non-executive chairman and board member.

Amid these ongoing Paytm crisis, Times Now News reported that Paytm employees are afraid of getting laid off as the RBI deadline for restrictions on Paytm Payments Bank draws near on March 15. The report said that the Paytm users and the vendors need clarification about how the platform will work after the deadline. However, the report said that the Paytm employees are the ones who have more to worry about. Expedia Group Layoffs 2024: US-Based Travel Technology Company To Lay Off 1,500 Employees, About 9% of Workforce Due to Slow Travel Demand.

The report said many employees shared their concerns over the past few days with Times News Now about the likely layoffs. Due to the fear, the report said a 35-year-old Paytm employee from Indore took his life. Even a Paytm executive was distressed by the concerns of potential "company shutdown " and "fear of losing a job."

The exact outcome of the Paytm or PPBL layoffs can be different than expected. However, the report said that the situation related to PPBL appears to be daunting. The report said that the Paytm executive said that due to the nearing increment cycle, the performance of the employees will be measured. The executive added that the nonperforming employees will be asked to leave the company regardless of RBI governance. Reliance Jio and US-Based Chipmaker Qualcomm Working Together To Launch Affordable 5G-Enabled Smartphone for Indian Customers by End of 2024: Report.

As per the report, the company's landscape has significantly shifted in a month, and efforts to elevate the overall performance standards are underway. The report said Paytm executive assured that despite facing challenges, Paytm's entire team is motivated and trying their efforts to address the RBI's compliance issue and handling obstacles.

(The above story first appeared on LatestLY on Feb 27, 2024 05:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website