India, March 14 -- Paytm's parent company One 97 Communications will lay off more employees across departments in the annual performance review, it was reported. This comes as Paytm's Payment Bank has been barred by the Reserve Bank of India (RBI) from conducting several businesses. Citing people in the know, Moneycontrol reported that the exact number of people who will be impacted by the Paytm layoffs remains unclear, "some departments have been asked to reduce their team size by as much as 20 percent."

The layoff process has already begun two weeks ago, the report added, citing a Paytm spokesperson who disputed the percentage of layoff and did not specify a number. The spokesperson said the company is in the middle of an annual apprai...