Mukesh Ambani (File photo: PTI)
Is Mukesh Ambani eyeing Paytm Wallet? This question has been arising continuously for some days. This news got further impetus when RBI took actions like ban on Paytm wallet. Now as soon as this news spread, the shares of Mukesh Ambani's NBFC company Jio Financial have become a rocket. The shares of this company of Mukesh Ambani have fallen by more than 14 percent and have reached record levels. On the other hand, there is also news that the fintech company is also in contact with the country's largest private lender HDFC Bank.
According to the report, One 97 Communications is in talks with Mukesh Ambani's Jio Financial and HDFC Bank to sell its wallet business. Citing senior executives in the fintech and banking sectors with knowledge of the matter, The Hindu Business Line said HDFC Bank and Jio Financial are considered to be the frontrunners to buy Paytm's wallet business, which will be merged into Paytm Payments Bank. Comes under.
It is being said that Vijay Shekhar Sharma's team was in talks with Jio Financial since last November. According to the report, talks with HDFC Bank had started just before the ban on Paytm Payments Bank by RBI. The report also said that as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.
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Jio Financial shares rose 14 percent
According to BSE data, shares of Jio Financial remain a rocket. The company's shares are trading at Rs 283.25 with a rise of 12 per cent at 1 pm. Whereas during the trading session, the company's shares reached a record level with a rise of more than 14 percent and the company's shares reached a 52-week high of Rs 289.70. However, today the company's shares opened at flat level of Rs 256. The company's shares closed at Rs 253.75 on Friday. At present the market cap of the company has crossed Rs 1.83 lakh crore.
Paytm is facing a crisis after RBI banned the payment bank from accepting any deposit or credit in customer accounts. The regulator is also said to be considering canceling the banking license of Paytm over possible money laundering and know-your-customer (KYC) violations. Security agencies suspect that this unit is being used for money laundering. However, Paytm has denied reports that neither the company nor its founder and CEO are being investigated by the ED on money laundering charges. After the RBI order, Paytm shares have fallen by more than 42 percent in just 3 days.
What is the gameplan of Jio Financial?
Jio Financial, which was spun off from Reliance Industries (RIL) last year, owns Jio Payments Bank, which has revamped the platform to launch digital savings accounts and bill payments with an on-the-ground network of 2,400 business correspondents. It has also launched a debit card. In payment solutions business, Jio has launched Jio Voice Box, UPI can also be done from Jio phone. Implementing QR codes throughout the ecosystem. Subsidiary companies of JFSL include Jio Finance, Jio Insurance Broking, Jio Payments Bank, Jio Payments Solutions etc.
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