Paytm Layoffs / Paytm laid off 1000 people - the impact of layoffs is not stopping

Paytm Layoffs: The round of layoffs that started in the year 2022 seems to be returning before the end of 2023. At the same time, glimpses of the impact of Artificial Intelligence on jobs have also started to be seen. There is news of more than 1000 people being thrown out of Paytm, one of the country's largest digital platforms. According to ET news quoting sources, Paytm's parent company One97 Communications has thrown out more than 1000 people from their jobs. Layoffs have been made from different units of the company in the last few months.

New guidelines of RBI became the reason

It is believed that Paytm has done this layoff due to closing the service of ‘Buy Now Pay Later’ and pulling out of the business of giving small size loans. Recently, the Reserve Bank of India (RBI) had issued new guidelines to reduce the increasing unsecured loans in the country. After this, the 'Buy Now Pay Later' service used by banks for issuing credit cards, distributing personal loans and purchasing most of the electronics has been affected.

This layoff in Paytm is one of the biggest layoffs in digital companies this year. This is about 10 percent of the company's total workforce. Most of the layoffs are likely to be from the loan business unit. However, nothing has been officially said by Paytm regarding this layoff yet.

30,000 jobs will also go to Google

Meanwhile, a news is also related to the world's largest search engine Google. Google has developed its Artificial Intelligence rapidly, due to which it may fire around 30,000 people in the coming days. According to the news of 'The Information', Google may lay off about 30,000 people from its ad-sales department in the coming days. Earlier this year, Google had fired 12,000 people from their jobs.