News > Paytm’s founder says there would be no layoffs, working with RBI

Paytm’s founder says there would be no layoffs, working with RBI

Paytm founder Vijay Shekhar Sharma said in a virtual town hall with employees of Paytm Payments Bank (PPBL) that they are engaging with RBI and working with other banks for partnership. On January 31, the RBI directed PPBL to stop onboarding new customers with immediate effect due to “persistent non-compliance and continued material supervisory concerns in the bank” following a compliance validation report by external auditors.