Employees scurry for jobs after curbs on Paytm bank

Employees fear there could be more regulatory trouble ahead for the digital-payments firm

- Devina Sengupta

• ₹300-500 cr worst-case impact on annual Ebitda from RBI action
• 35,000 No. of people employed by the group

Recruiters are being flooded with resumes and job applications from employees of Paytm Payments Bank and its parent firm One97 Communications, who fear there could be more regulatory trouble ahead for the digital-payments company. Employees across levels in tech, merchant banking, sales and marketing are ready to take pay cuts elsewhere at a time when offers are hard to come by.

The flood of resumes began after Reserve Bank of India (RBI) last week barred Paytm Payments Bank from accepting deposits or top-ups in any customer account, wallets or FASTags after February 29, due to falsified compliances. Mint reported that the RBI action was on account of irregularities in KYC norms as well as undisclosed related-party transactions.