Paytm rubbishes news item that claimed its wallet business was up for sale, terms it "speculative"
New Delhi, India: In a filing with the BSE and the NSE, One97 Communications, which operates the fintech company Paytm informed stock exchanges on Tuesday that a news item that Paytm's wallet business was up for sale and is in talks with a particular Indian conglomerate is "speculative, baseless and factually incorrect".
"We have not been in any negotiations in this regard. We have been informed by Paytm Payments Bank Limited, our associate company, that they also have not been in any negotiations in this regard," said the stock exchange filing.
Meanwhile, the Reserve Bank of India imposed certain restrictions on the fintech company's associate bank from March.
Paytm founder Vijay Shekhar Sharma on February 2 had said that the app would continue to operate beyond February 29 and sought to allay users' concerns.
"Your favourite app is working, will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance" Paytm founder Vijay Shekhar Sharma had said in a post on X.
"India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," the post on X added.