Jio Monetary Denies It Is In Talks To Purchase Paytm’s Pockets Enterprise

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Jio Financial Denies It Is In Talks To Acquire Paytm


Jio Financial Denies It Is In Talks To Acquire Paytm's Wallet Business

Jio Monetary Providers Ltd shares had surged over 15 per cent yesterday

New Delhi:

Reliance Industries-owned Jio Monetary Providers Ltd has denied a report that it’s in talks with Paytm to purchase its pockets enterprise amid a crackdown by the Reserve Financial institution of India (RBI) over violation of guidelines.

“We make clear that the information merchandise is speculative and now we have not been in any negotiations on this regard,” the corporate mentioned in a regulatory submitting late final night.

“Now we have at all times made and can proceed to make disclosures in compliance with our obligations,” the corporate mentioned.

The clarification adopted studies yesterday that steered that HDFC Financial institution and Jio Monetary have been the frontrunners to purchase the Paytm’s pockets enterprise.

Jio Monetary Providers Ltd shares had surged over 15 per cent yesterday after the report.

The RBI final week issued a directive limiting Paytm from accepting new deposits or permitting credit score transactions after February 29.

Lots of of accounts created on Paytm Funds Financial institution with out correct identification have been one of many main causes for the RBI to impose stringent curbs on the corporate, folks conversant in the matter mentioned.

Greater than 1,000 customers have been discovered to have linked the identical Everlasting Account Quantity (PAN) to their accounts.

The compliance submitted by the funds financial institution was discovered to be incorrect throughout verification processes performed by each the RBI and auditors.

The RBI is anxious some accounts may have been used for cash laundering, sources mentioned.



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