Business News: Paytm refuses to deal with Jio Financial

Amid speculations about a possible acquisition of Paytm Wallet by Jio Financial, Paytm has denied these claims. The company has said in an official release that the news talking about such acquisition is imaginary, baseless and factually incorrect. Paytm clarified that there has been no discussion in this regard. This clarification has also been issued by Paytm for its subsidiary company, Paytm Payments Bank Limited. According to the release, Paytm Payments Bank has not had any discussions with Mukesh Ambani related to the contemplated acquisition.

JFSL has already made it clear that the deal is not happening.
Paytm said, “We clarify that the above news is imaginary, baseless and factually incorrect. We are not in talks with anyone in this regard. Our sister company Paytm Payments Bank Limited has also informed us that they We are also not holding any kind of talks in this regard.” The clarification comes a day after Ambani-led Jio Financial Services (JFSL) clarified that it is not in any talks with crisis-hit One97 Communications to acquire Paytm Wallet.

Paytm shares have fallen by 43% after RBI’s strictness
“We clarify that this news is fictitious and we have not had any conversation in this regard,” JFSL said in a communication sent to the stock exchanges. The company was asked by stock exchange BSE to comment on reports that JFSL is in talks with One97 to acquire Paytm’s wallet business. After this report, NBFC shares rose 14 percent on BSE and closed at Rs 289. Paytm has lost nearly $2.5 billion, or about 43 per cent of its market value, after the Reserve Bank of India (RBI) on Wednesday asked Paytm Payments Bank to stop accepting fresh deposits into its accounts or the popular wallet from March. Damage has been done.

The last change in repo rate was made in the MPC meeting held in February last year.
The MPC i.e. Monetary Policy Committee of the Reserve Bank of India has not made any change in the repo rate for almost a year. Last time in February 2023, the repo rate was increased from 6.25% to 6.5%. Since then it has remained stable at 6.5%. During this period, retail inflation was at a high level of 7.44% in the month of July 2023 and after that it declined continuously. However, it still remains close to the upper left of the RBI’s tolerance bench. Retail inflation stood at 5.69% in December, 2023. The government has handed over the responsibility of keeping the retail inflation rate in the range of 2% to 6% to the country’s central bank RBI.