X: @the_news_21
Shares of Jio Financial Services witnessed a significant rally, surging up to 14% to a high of ₹288.75 on the Bombay Stock Exchange (BSE) today. The surge came in the wake of a newspaper report suggesting that One 97 Communications, the parent company of Paytm, is engaged in discussions with the Mukesh Ambani-owned NBFC and private sector lender HDFC Bank regarding the potential sale of its wallet business.
According to The Hindu Business Line, HDFC Bank and Jio Financial are emerging as frontrunners in the race to acquire Paytm’s wallet business. The report indicates that discussions between Paytm CEO Vijay Shekhar Sharma’s team and Jio Financial have been ongoing since November last year. Talks with HDFC Bank reportedly commenced just prior to the Reserve Bank of India’s (RBI) ban on Paytm Payments Bank.
As part of a broader bailout strategy, Jio Financial may propose acquiring Paytm Payments Bank, which has faced significant challenges since the RBI prohibited the payment bank from accepting deposits or credits to customer accounts. Earlier reports suggested concerns regarding potential misuse of the entity for money laundering purposes, although Paytm has vehemently denied such allegations, stating that neither the company nor its CEO are under investigation by the Enforcement Directorate for money laundering charges.
Following the RBI’s directive, shares of Paytm experienced a sharp decline, losing 42% of their value within a span of just three days.
Jio Financial currently operates Jio Payments Bank, which recently re-platformed to introduce digital savings accounts and bill payment services. With a network of 2,400 business correspondents, it has also launched debit cards. Additionally, Jio has initiated a pilot launch of Jio Voice Box, integrated Jio phones with UPI, and is in the process of implementing QR codes across its ecosystem.
The reported discussions between Jio Financial, HDFC Bank, and Paytm signify potential strategic shifts in the digital payments landscape, with implications for stakeholders and investors alike. As negotiations unfold, market participants will keenly observe developments to gauge the impact on the involved entities and the broader fintech sector.
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