Layoff fears at Paytm as deadline for bank cutback just a day away

In Dec, Business Standard reported that Paytm was rationalising its employee cost structure, which includes revising its hiring strategy, focusing on contract employees

With the deadline closing in before multiple restrictions on Paytm Payments Bank take effect, job cuts are in the air. One97 Communications, Paytm’s parent  company, which is in the midst of an annual appraisal cycle, could consider reducing a part of its workforce, according to sources. 

A Paytm spokesperson denied any layoff move, stating: “We continue to transform our operations with artificial intelligence- (AI)-powered automation to drive efficiency. This involves redefining certain roles and tasks to better align with our growth and cost-efficiency goals”.
 

“We are in the midst of our annual appraisal cycle, a common practice across companies, where performance