Paytm cuts jobs as part of restructuring, facilitates outplacement support

Paytm cuts jobs as part of restructuring, facilitates outplacement support
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New Delhi: As the war between Israel and Hamas goes unabated, the closure of Al Jazeera operations in Israel is being further extended by Israeli Communications Minister Shlomo Karhi, Anadolu Agency reported on Sunday.
Regarding the ban, the Israeli minister asserted, saying that it was "unanimously adopted by the government, based on updated opinions from all security sources, which state unequivocally that the channel's broadcasts are a real threat to the security of the state."
"We will not allow the Al Jazeera terrorist channel to broadcast in Israel and endanger our soldiers," Kahri said in a statement.
"The company's human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement," the company said on Monday.
Paytm, however, did not not disclose the number of employees impacted by the restructuring.
"Paytm is also disbursing bonuses which were due to employees, ensuring fairness and transparency in the process," the statement said.
The Reserve Bank of India (RBI) had barred Paytm Payments Bank Limited (PPBL), an associate of Paytm, from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
Paytm has reported widening of loss to Rs 550 crore in January-March 2024, following the ban imposed by RBI on transactions related to its payments bank.
The company had posted a loss of Rs 167.5 crore in the same period a year ago.
"As part of its FY24 earnings release, One97 Communications stated that it will be pruning its non-core business lines, and will continue its efforts to maintain a leaner organisation structure through AI-led interventions. The company has been actively working towards driving profitability, in line with its guidance," the statement said.