Paytm Lay off 2023 1000 people fired from job Know the reason

Paytm Lay off: The year 2023 appeared to be full of challenges for big tech and fintech companies. Especially in the matter of retrenchment of employees, the giants took strict steps. In this series, the new name Paytm has been added. Before the beginning of the new year, the company has given a big blow to its employees by cutting ‘sword’ on more than 1000 jobs. According to a report, Paytm, owned by One 97 Communications, has laid off more than 1 thousand employees.

The Economic Times report states that Paytm is reorganizing all its businesses. He has made layoffs to reduce costs. The report also says that in the coming time many more people may lose their jobs from Paytm. The latest layoffs are the result of a few months of people being laid off from various units of Paytm.

This is said to be 10 percent of the total workforce of the company. This layoff is being considered as one of the biggest layoffs of the year 2023, which has been seen in any fintech company. Nothing has been said officially about this yet by the company, but in the report it has been said that most of the layoffs will be from the loan business unit.

Talking about other news related to Paytm, the company has changed the rules for giving personal loans under Buy Now Pay Later (BNPL) service. The company provides personal loans and merchant loans under this facility, but now Paytm will not provide small amount loans. According to BT report, the company is going to focus its service on big loans. This will include large amount of personal and merchant loans. Lakhs of people will be affected by this decision of the company.