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A Paytm spokesperson called the decision to let go of employees across departments a “routine aspect of performance evaluations”.

The former CEO’s conservative approach helped him steer the bank through a difficult transition. But his reluctance to take on detractors and defend his team left him exposed when controversies erupted.
The Delhi-based group lender has been struggling with mounting losses, driven by the shifting priorities of borrowers and the growing pressure on field staff to meet targets.
A market dominated by speculative activity is enriching sophisticated traders at the expense of retail investors, distorting exchanges and brokerages, and putting household savings at risk.