Jio Financial Denies Reports Of Paytm's Wallet Business Acquisition Talks

The RBI last week issued a directive restricting Paytm from accepting new deposits or allowing credit transactions after February 29, 2024.

Reliance Industries-owned Jio Financial Services Ltd has denied a report that it is in talks with Paytm to buy its wallet business amid a crackdown by the Reserve Bank of India (RBI) over violation of rules.

"We clarify that the news item is speculative and we have not been in any negotiations in this regard," the company said in a regulatory filing late last evening.

"We have always made and will continue to make disclosures in compliance with our obligations," the company said.