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Reliance Industries spinoff Jio Financial Services suppose Monday evening that it is not negotiating with Paytm to acquire its wallet business sector , nullify “ speculative ” medium report as the Noida - headquartered unfaltering scramble to put out a firing from the key bank ’s clampdown last calendar week .
The Hindu Business Line reported over the weekend that Paytm and Jio Financial Services have been engaging for months for a mess , something that escalate after the Indian central bankwidened its crackdown on Paytm ’s Payments Bank , the unit that sue proceedings for fiscal Robert William Service giant Paytm . portion of Jio Financial Services jump more than 15 % on local exchange Monday on the bad report . The market place cap of Paytm , on the other hand , has shrivel by more than 40 % in the last three business concern years .
On Tuesday , Paytm and Paytm Payments Bank also clarified that neither of them have engaged with Jio Financial Services and any report suggesting otherwise is “ factually incorrect . ” Paytm shares jumped 5.5 % on the news Tuesday dawn .
The RBI has barred Paytm Payments Bank from offer many banking services , including accept fresh deposits and credit dealings across its services . Paytm , the parent firm of omnipresent peregrine payment app with the same name , has said that it will terminate business with its affiliate and try partnership with other banking company for persistence of many of its nitty-gritty business concern .
TechCrunch first reported last week that the Reserve Bank of India is consideringlevying additional penalty on Paytmand may revoke its bank license . Paytm Payments Bank , an affiliate of Paytm , houses the 330 million notecase customers of Paytm . In early 2018 , when Paytm received the Payments Bank license — which allows the bearer to extend customer a savings account of up to $ 2,400 — it had to surrender its PPI permission , the permit expect to go the wallet business enterprise .
Reliance listed its little - make out non - bank fiscal subsidiary Jio Financial Services last yr . Jio Financial Servicesowns about a 6 % stake in Relianceand is increasinglyexpanding its loaning and indemnity businesses .
Story updated with Paytm ’s Tuesday comment .
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India ’s Paytm is in flux
