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Paytm denies report of selling wallet business to Jio Financial Services, HDFC Bank

Inc42 · 1y

Paytm has denied reports of selling its wallet business to Jio Financial Services and HDFC Bank. Speculation arose after a report claimed that Paytm was in talks to sell its wallet business due to regulatory pressure from the Reserve Bank of India. However, a source at Paytm dismissed the report as speculation. Last week, RBI imposed restrictions on Paytm's payments bank, causing concern among merchants and customers. Paytm's shares were heavily sold, resulting in a lower circuit limit.