The decision to dismiss these employees comes weeks after the fintech company announced it would reduce the disbursement of small-ticket-size loans as RBI tightened norms
The fintech giant's parent company, One 97 Communications, is working towards reducing its staff expenses by 10-15% over the ongoing financial year
The company said there are around 50 million merchants in India who use quick response (QR) codes for payments
In terms of the number of loans, in July and August, the company saw a 47 per cent jump from 6 million loans in 2022 to 8.8 million in 2023