Paytm Crisis: Mukesh Ambani is going to acquire Paytm! Jio Financial’s share price jumped 14 percent
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Paytm Crisis: On one hand, the noose of investigation is getting tightened on Paytm. On the other hand, good news is coming for this. According to media reports, One 97 Communications – Paytm’s parent company – is in talks with Mukesh Ambani-owned NBFC and private sector lender HDFC Bank to sell its stake. After this, the share price of Jio Financial Services on BSE increased by 14.50 percent i.e. Rs 36.80 to reach Rs 290.60 at 3 pm. According to a report in Hindu Business Line, HDFC Bank and Jio Financial are said to be the frontrunners to acquire Paytm’s wallet business. According to the report, it is being said that the team of Paytm CEO Vijay Shekhar Sharma is in talks with Jio Financial since last November. But talks with HDFC Bank had started just before the RBI ban on Paytm Payments Bank.
The deal may be in the form of a bailout plan
According to the report, as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank. Jio Financial already has Jio Payments Bank, in which it has repurposed the platform to launch digital savings accounts and bill payments. Let us tell you that earlier the Reserve Bank of India (RBI) has stopped the payment bank from accepting any deposit or credit in customer accounts. Due to this, Paytm is facing a crisis on its existence.
Employees should not worry: Vijay Shekhar
Paytm CEO Vijay Shekhar Sharma said during a virtual meeting with the employees of Paytm Payment Bank Limited (PPBL) that there is nothing to worry about for them. He said that no employee will lose his job. Vijay Shekhar said that you are a part of the Paytm family, and there is nothing to worry about. Many banks are helping us. We are not completely sure about things. But we will find out everything soon. We will approach RBI to see what can be done. Addressing around 800 to 900 employees, he said that as a bank we had more control over the payment journey, but as a third-party app, the challenge would be to ensure the success of the transaction. He said that now our priority is to ensure that our users do not face any inconvenience. This is a change in business model for us.
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