Paytm to cut employee costs by Rs 500 crore as revenue plummets, losses jump

Paytm's Q1 financials were mainly impacted by RBI's action in March when it asked Paytm Payments Bank to halt banking services. As its loss widened and revenue fell, Paytm has not given any future guidance on profitability. Paytm said the fall in revenues is due to the reduction in certain operating metrics like monthly transacting users and stoppage of some of its credit products.