Paytm has denied reports of selling its wallet business, saying it is ‘all market speculation’. There were reports that after the ban by the Reserve Bank of India (RBI), Paytm is in talks with some interested investors to sell its wallet business. According to a report, it was claimed that Jio Financial Services and HDFC Bank (NS:HDBK) are the leading bidders for Paytm’s wallet business.
According to a statement from Paytm Payments Bank spokesperson, we are not commenting on market speculation.
Paytm Payments Bank spokesperson said, “We follow every instruction given by the regulator. Our team is striving to ensure a seamless customer experience with whatever products are offered by Paytm Payments Bank Limited (PPBL).”
Earlier, while assuring the employees that there would be no layoffs, Vijay Shekhar Sharma, founder and CEO of leading financial services company Paytm, had said that the company is in talks with RBI and is also considering the options of partnership with other banks. Has been.
Addressing the employees during a virtual town hall, Vijay Shekhar Sharma said, “We will find out everything soon.” We will approach RBI to find out what can be done further.”
On Monday, Paytm shares were trading at 10 per cent lower circuit at Rs 438.35 on BSE.
Following the RBI directive, Paytm’s associate bank has become under the impression that the company and its associates are one.
However, Madhur Deora, Chairman and Group CFO of Paytm, has given clarity on this, saying that the fintech company and its partners are not and can never be one, both in terms of design and structure.
Madhur Deora further said, “There may be a perception that Paytm and Paytm Payments Bank are one, but in terms of design and structure it is not so, they are completely different and cannot be one. The first and most important thing is that it is a subsidiary company and if seen in another sense, it is not a subsidiary company, because it is a bank.
The first and foremost thing for the bank is that it should follow all the guidelines and governance to be followed by the bank. The Paytm chairman further said that a bank should have an independent management team.