In response to recent reports suggesting discussions about Jio Financial Services acquiring Paytm’s wallet business, the company has issued a clarification stating that it “has not been in any negotiations” for such an acquisition. The Mukesh Ambani-led financial services provider aims to set the record straight amid speculations surrounding its involvement in Paytm’s ongoing crisis.
Jio Financial Services Ltd (JFS) witnessed a notable surge of over 15% in its shares on Monday following reports that it was a frontrunner in acquiring Paytm’s wallet business amidst the turmoil at Paytm.
In light of these developments, Paytm is currently grappling with a crisis triggered by the Reserve Bank of India (RBI)’s decision to bar Paytm Payments Bank from conducting any banking activities after February 29. The central bank cited non-compliance with KYC guidelines and other issues as the reason behind this action.
Jio Financial Services, however, took the opportunity to emphasize its commitment to disclosure transparency. In a statement to the exchanges, the company affirmed, “We have always made and will continue to make disclosures in compliance with our obligations.”
Contrary to reports suggesting Jio Financial Services’ interest in acquiring Paytm’s wallet business, the company clarified that it has not engaged in any negotiations for such an acquisition. The denial comes amidst rumors of HDFC Bank and Jio Financial Services being potential contenders for acquiring Paytm’s wallet, with reports also mentioning an application for approval to conduct mutual fund activities in collaboration with BlackRock Financial Management.
While Paytm navigates through its current challenges, Jio Financial Services aims to quell speculations and maintain focus on its own financial services operations through subsidiaries like Jio Insurance Broking (JIBL), Jio Payment Solutions (JPSL), and Jio Finance (JFL).
As the situation unfolds, both companies remain under close scrutiny, and any further developments will be closely monitored. Stay tuned for updates on this evolving financial landscape.
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