'There Will Be No Layoffs', Says Paytm Founder Vijay Shekhar Sharma Amid Crisis
Paytm founder Vijay Shekhar Sharma has allegedly informed staff that there will be no layoffs and that the company is engaged with the RBI and negotiating with other banks to form partnerships.
According to a Moneycontrol report, Sharma stated in a virtual town hall with Paytm Payments Bank (PPBL) staff that numerous banks are aiding them. "You are a part of the Paytm family, and there is nothing to worry about," he stated in the town hall on Saturday.
Sharma told the employees that they will figure things out quickly. He stated that they will contact the RBI to see what can be done at the virtual town hall, which was attended by 800-900 staff.
Following a compliance validation report by external auditors, the RBI asked PPBL to halt onboarding of new customers with immediate effect on 31 January due to "persistent non-compliances and continued material supervisory concerns in the bank".
After 29 February, the RBI directed Paytm Payments Bank to halt all future deposits, credit transactions, and top-ups in any client accounts, prepaid instruments, wallets, FASTags, NCMC cards, and so on.
