Paytm parent company One 97 Communications is mulling to cut jobs in several departments as part of its annual performance review, said a report.
The move comes amid RBI curbs on the fintech firm's banking arm, Paytm Payment Bank Ltd, from conducting several business.
The exact figures regarding the employees who will be impacted has not been revealed but Moneycontrol, quoting sources, reported that some departments have been told to cut teams by up to 20 per cent.
The report, quoting a Paytm spokesperson, said the layoff process began two weeks go. However, the representative disputed the percentage of layoff and declined to give specific figures.
“We are in the midst of our annual appraisal cycle, a common practice across companies, where performance assessments may lead to adjustments based on performance evaluations and role suitability. It's crucial to understand that this process is distinct from layoffs, a routine aspect of performance evaluations in any organization,” the outlet quoted the spokesperson as saying.
The spokesperson said Paytm is shifting its focus towards AI-powered automation, adding, “We continue to transform our operations with AI-powered automation to drive efficiency. This involves redefining certain roles and tasks to better align with our growth and cost-efficiency goals.”
