Number of jobseekers from Paytm sees 5X jump after RBI clampdown: Report

The number of jobseekers from fintech Paytm post the RBI directive on the fintech's lending arm has reportedly seen a 5X jump in the past 15 days. 

Staffing firm Xpheno, in a Moneycontrol report, claimed 70% of the total accessible talent from Paytm had "gotten active in the last 7 days", adding that the job market at present had over "6,000 active and accessible talent" from the fintech. 

Last week, the Reserve Bank of India barred the institution from any further deposit or credit transaction in customer accounts, wallets or cards after Feb. 29. It is reported that the bank’s license will be scrapped, maybe as early as next month. 

The development, according to the report, has made staff at Paytm nervous. 
The fintech had recently laid off 1,000 employees due to artificial intelligence automation.

Paytm founder Vijay Shekhar Sharma had assured employees in a townhall that there would be no layoffs. “You are a part of the Paytm family, and there is nothing to worry about. Many banks are helping us,” Sharma said at a virtual town hall with employees of Paytm Payment Bank Ltd (PPBL) on Saturday.

The RBI restrictions has created anxiety among its employees, prompting them to look for safe pastures as the crisis at the fintech firm unfolds. Recruitment firms reportedly are seeing a significant increase in resumes, with one platform receiving 300-400 CVs primarily from junior to middle management levels.

Shares of One 97 Communications Ltd (Paytm) plunged 10 per cent on Tuesday morning, taking its four-day losing streak to 48 per cent after Jio Financial Services Ltd  (JFS) denied engaging with Paytm to buy the latter's wallet business. Paytm also denied the speculative media reports, calling them "baseless and factually incorrect."