Paytm Senior VP Resigns, Company Denies Layoff Claims 

One 97 Communications, the parent group of Paytm in an exchange filing informed about the resignation of its Senior Vice President Praveen Sharma. Sharma resigned from the company on March 23, and he will be relieved of his duty on March 31.

In his resignation letter, Sharma wrote that he was resigning to “pursue other opportunities.” Meanwhile, there were speculations about job cuts in Paytm. There were reports that said that the company would lay off 25 to 50 per cent of its workforce.

Paytm has called these allegations to be baseless. The company said that this update 'inaccurately represents the company's operational and strategic planning', as per news agency ANI.

As per ANI, Paytm said, “We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives.”

The company mentioned that it is in its annual appraisal process, which is focused on role alignments and personal evaluation, and not layoffs.

Paytm has been in the news for a while. Paytm Payments Bank Limited was slammed by the RBI for persistent noncompliance with KYC practices and put under restrictions to accept new deposits.

Eventually, the National Payments Corporation of India (NPCI) gave approval to One97 Communications Limited (OCL), to become a third-party UPI service provider. Under the approval, the fintech platform can act as a third-party UPI service provider "under a multi-bank model.”

While the company will get to use all services like mobile and DTH recharges. It wont be able to use Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, as per the company.