Paytm to layoff 20 percent staff, partnered with SBI

by Psu Connect
Date: 14-03-24

The parent company of Paytm, One 97 Communications, will cut more jobs across departments as part of its annual performance review, reportedly, with approximately trimming 20% of the team size.

Paytm to layoff 20 percent staff, partnered with SBI

Recently, RBI has prohibited Paytm Payments Bank from carrying out certain business activities from March 15. In response to this, the company is planning to adopt AI-powered automation to enhance its operational efficiency. As per official sources, Paytm Payments Bank aims to redefine some roles and responsibilities to align them with their growth objectives while achieving cost-efficiency.

The State Bank of India has teamed up with One97 Communications, the parent company of Paytm, for its consumer UPI operations. As a result of the Reserve Bank of India's restrictions on various operations of Paytm Payments Bank Limited (PPBL), Paytm's UPI services relied on PPBL. One97 Communications is now partnering with multiple banks to become a third-party application provider (TPAP).

Earlier, Paytm had entered into a partnership for its UPI transactions with Axis Bank, Yes Bank, and HDFC Bank for third-party application provider (TPAP) partnerships. The National Payments Corp of India (NPCI) is also likely to approve a third-party application provider (TPAP) license for Paytm, which is officially known as One 97 Communications, by March 15.