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Paytm Payments Bank crisis: Poaching top talent from rival Paytm?

Paytm’s competitors In fintech industry The central bank’s action on Paytm’s payments bank unit is being leveraged not only in terms of business opportunities, but also in terms of Talent Acquisition, Recruitment services firms have reported that rival companies are actively looking to hire technical and sales professionals from Paytm. However, legal and compliance professionals are in low demand, especially in senior and mid-level positions. Although some insiders have confirmed this trend, companies officially deny taking an active step forward. Paytm Talent.
According to an ET report, PhonePe, a major competitor of Paytm, said that they are expanding their sales teams to meet the growing demand from merchants. He mentioned that Paytm is likely to be hiring some business development executives, though he clarified that they are not actively reaching out or soliciting CVs.
Similarly, another fintech firm MobiKwik expressed its ongoing efforts to hire new talent from different industries, without giving further details. BankBazaar emphasized that they do not discriminate against any talent based on their previous company and their recruitment decisions are based solely on individual capabilities.
Recruitment services firms have seen significant interest in Paytm’s talent pool. For example, Michael Page, a leading recruitment agency, has received inquiries from many unicorns and startups in the fintech, e-commerce and D2C sectors. “Product and technology professionals are in high demand at Paytm as they make excellent technical talent… We have seen in the past that when such a case occurs, compliance teams, in particular, face a difficult task . However, the impact on Paytm still needs to be seen,” Pranshu Upadhyay, regional director, Michael Page India, was quoted as saying.
Recruitment services company CIEL HR Services reports three-fold increase in activity Paytm employee On public job boards. According to CIEL, Paytm employees, especially in technical roles such as sales, business development, channel management, product management, as well as full-stack development and IT infrastructure management, are actively seeking opportunities. On the other hand, employees in operations, legal and compliance roles face challenges in finding favorable market opportunities.
While prospective employers and clients have not outright rejected the resumes of legal and compliance professionals, it is clear that these jobs may face difficulties in getting accepted. NBFCs and fintechs, in general, are strengthening their risk, compliance and legal departments. Leadership and senior management roles require a successful track record in areas of key responsibility.

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