Paytm Faces Job Cuts and Asset Sales Amid Regulatory Challenges

The Indian fintech giant reports record losses and revenue decline following a clampdown by the Reserve Bank of India.

Paytm's net losses swelled to ₹5.5 billion ($66.1 million) for the March quarter, marking its first sales decline since going public in 2021.
The Reserve Bank of India's restrictions on Paytm Payments Bank led to significant disruptions in Paytm's business operations.
Paytm plans to streamline operations, cut employee costs, and sell non-core assets to mitigate financial impacts.
The company has forged new partnerships with major Indian banks to sustain its digital payment services.
Paytm's shares have plummeted over 60% in the last six months, significantly impacting its market valuation.