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Monday, April 15, 2024

Paytm town hall: CEO Vijay Shekhar Sharma assured staff there will be no job cutbacks among other important things

<p>Senior Paytm executives convened a virtual town hall with staff members to allay fears over the company’s future. The top management of Paytm Payments Bank and One97 Communications convened two town hall sessions with leading business executives, according to sources who spoke with Economic Times. One of the executives mentioned above said, “The company is still waiting for regulator nod to initiate the next step of shifting backend bank accounts. Conversations were mostly to rebut multiple theories going around and on the future course of action.”</p>
<p><img decoding=”async” class=”alignnone wp-image-386952″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-town-hall-ceo-vijay-shekhar-sharma-assured-staff-there-will-be-no-job-cutbac.jpg” alt=”theindiaprint.com paytm town hall ceo vijay shekhar sharma assured staff there will be no job cutbac” width=”1027″ height=”575″ title=”Paytm town hall: CEO Vijay Shekhar Sharma assured staff there will be no job cutbacks among other important things 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-town-hall-ceo-vijay-shekhar-sharma-assured-staff-there-will-be-no-job-cutbac.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-town-hall-ceo-vijay-shekhar-sharma-assured-staff-there-will-be-no-job-cutbac-150×84.jpg 150w” sizes=”(max-width: 1027px) 100vw, 1027px” /></p>
<p>No layoffs<br />
In an attempt to allay workers’ concerns about job security, Paytm founder Vijay Shekhar Sharma addressed them directly for the first time.”You are safe and secure because you are a member of the Paytm community. During a virtual town hall on Saturday with staff members of Paytm Payment Bank Ltd (PPBL), Sharma said, “Many banks are helping us.”<br />
Surinder Chawla, the CEO of PPBL, and Bhavesh Gupta, the company’s president and COO, joined Sharma.<br />
“We don’t know everything—for example, precisely what went wrong. However, we will shortly work things out. During the almost hour-long call with 800-900 workers, the entrepreneur said, “We will get in touch with the RBI to see what can be done.”<br />
The RBI requested on January 31 that Paytm Payments Bank cease providing basic banking services by the end of February. One97 Communications, the company that powers the Paytm app, responded to the regulator’s decision by announcing that it would move the company’s operations from the payments bank to two or three other lenders.<br />
Develop a fresh business plan.<br />
A second executive said, “As a bank, we had more control over the payments journey, but as a third-party app, the challenge will be to ensure transaction success.” “Making sure our users are not inconvenienced is our top priority right now,” he said.<br />
“We are changing our business model; we will no longer be a bank and will instead be a third-party payments app. This will require significant backend changes, and our timeframe is constrained,” the first executive said.</p>

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