Paytm denies layoffs as SVP Praveen Sharma quits the fintech firm

Praveen Sharma, senior vice-president of business at Paytm's parent One 97 Communications, has resigned and will be relieved of his services on March 31. Sharma, who has quit Paytm to pursue "other opportunities", was at Google for nine years before joining Vijay Shekhar Sharma-led Paytm.

Paytm has also denied reports of significant workforce reduction in specific business segments, in an exchange filing. The filing states, quoting a Paytm official, "The claims of layoffs affecting 50 percent of our workforce are unfounded and misleading. 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."

It added that the company is currently conducting its annual appraisal process to enhance team performance and is not indicative of layoffs.

On February 26, Vijay Shekhar Sharma resigned from the Board of embattled Paytm Payments Bank Ltd (PPBL) to enable the reconstitution of the board. On January 31, the RBI imposed major business restrictions on PPBL, including a bar on accepting fresh deposits and doing credit transactions after February 29. On February 16, the deadline was extended till March 15.

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