Mumbai, March 14: After RBI's ban on Paytm Payments Bank, the fintech firm has been going through crisis. The PPBL has been given a deadline of March 15, and after that, all the mentioned services, such as accepting deposits, processing credit transactions, FASTags, National Common Mobility Cards and creating new accounts, will be stopped. The customers can use the existing balance of some of the services till it runs out. Amid this Paytm crisis,  a report said the Paytm layoffs have also begun in the last two weeks, ahead of the Paytm Payments Bank deadline.

According to a report by Moneycontrol, One 97 Communications, Paytm's Parent company, will lay off more employees across departments as a part of annual performance review. The report highlighted that the layoffs will come as a result of PPBL getting banned from doing several businesses. As per the report, Paytm may lay off around 20% of its workforce; however, the exact numbers are not yet known. IBM Layoffs 2024: US-Based Global Tech Company To Lay Off Employees From Marketing and Communication Divisions, Says Report.

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Mumbai, March 14: After RBI's ban on Paytm Payments Bank, the fintech firm has been going through crisis. The PPBL has been given a deadline of March 15, and after that, all the mentioned services, such as accepting deposits, processing credit transactions, FASTags, National Common Mobility Cards and creating new accounts, will be stopped. The customers can use the existing balance of some of the services till it runs out. Amid this Paytm crisis,  a report said the Paytm layoffs have also begun in the last two weeks, ahead of the Paytm Payments Bank deadline.

According to a report by Moneycontrol, One 97 Communications, Paytm's Parent company, will lay off more employees across departments as a part of annual performance review. The report highlighted that the layoffs will come as a result of PPBL getting banned from doing several businesses. As per the report, Paytm may lay off around 20% of its workforce; however, the exact numbers are not yet known. IBM Layoffs 2024: US-Based Global Tech Company To Lay Off Employees From Marketing and Communication Divisions, Says Report.

The report highlighted that the Paytm spokesperson did not specify the number of employees to face a job loss. However, the company is in the middle of the annual appraisal cycle. The company spokesperson reportedly said adjustments could be based on the role suitability and performance evaluation as the company is assessing. As per the report, the spokesperson added, "This process is distinct from layoffs, a routine aspect of performance evaluations in any organisation."

Moneycontrol also said in its report that the spokesperson also informed that the company "continues to transform" its operations with automation powered by artificial intelligence to drive efficiency. The report said that AI-powered automation would involve redefining specific roles and tasks to align with the company's cost-efficiency goals and growth. Byju’s Granted Time Till March 28 by Karnataka High Court to File Rejoinder to Investors’ Response.

The report highlighted that Paytm laid off 1,000 employees in December 2023 due to AI implementation to boost efficiency. The report said that one of the employees was informed about the layoffs and that HR had been told people one by one about layoffs. He also said that the company is not offering a severance but putting the selected candidates on a one month performance improvement plan. 

(The above story first appeared on LatestLY on Mar 14, 2024 02:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).