25 March 2024 – One 97 Communications’ senior vice president of business, Praveen Sharma, has submitted his resignation, the fintech leader revealed in an exchange filing. His services will end on March 31. In his letter of resignation, Sharma said he plans to look into “other opportunities” after he leaves the organisation. Before joining Paytm, he spent nine years in leadership roles at Google, mostly focused on Asia-Pacific and India, according to an ANI report.
Before this, on February 26, Vijay Shekhar Sharma left the board of the troubled Paytm Payments Bank Ltd (PPBL) in order to allow for a new board to be appointed. Significant business limitations were placed on PPBL by the RBI on January 31.
A Paytm official statement, cited in the exchange filing, states, The claims of layoffs affecting 50% of our workforce are unfounded and misleading. Our priorities are innovation, steady expansion, and outstanding service for our clients. We urge the public and our stakeholders to ignore speculative tales and instead depend on accurate and confirmed information from official sources.
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In addition, the firm states that, despite unsubstantiated rumours of layoffs, Paytm is still committed to its goal of changing the financial services and digital payment environment in India. It emphasises its dedication to innovation, customer care, and team building.