look news india
Layoff of Jobs: Fintech company Paytm is in a strange environment these days. After the Reserve Bank of India's (RBI) action against Paytm Payments Bank, on one hand bonuses are being distributed in the crisis-hit company and on the other hand the process of layoffs is also going on. This has created an atmosphere of fear and happiness among the employees.
Paytm helps with layoffs
Paytm's parent company One97 Communications is continuously reducing the number of its employees. The company called it a part of the restructuring process. However, the exact number of layoffs is not yet known. The company said on Monday that it is providing all possible help to those who are being fired. Arrangements are also being made for their placement. Many people have resigned on their own. Paytm's human resources department is in touch with all the 30 companies that are currently hiring.
Bonuses are being given to top performing employees
By the end of the March 2024 quarter, the number of Paytm sales employees had come down to around 3500. After the ban on Paytm Payments Bank, the number of sales team came down to 36,521. Along with this, Paytm has also announced to give bonuses to the employees. The company said that employees who perform better are also being encouraged by giving bonuses. There is currently no information about how many people have been given this bonus.
loss widens to Rs 550 crore in March quarter
In January, RBI banned Paytm Payments Bank from accepting deposits, credit transactions and top-ups for violating several norms. Due to this, Paytm Payments Bank account, wallet and Fastag were banned from March 15. Due to this, the company has suffered a loss of Rs 550 crore in the January-March quarter. Paytm's loss in the same period a year ago was Rs 167.5 crore.
