Mukesh Ambani led India’s most valuable company Reliance Industries with Rs 1954000 crore carved out by Jio Financial Services and it got listed in August last year.
Mukesh Ambani, the richest man in India and in Asia, is reportedly planning to acquire Paytm wallet after a massive RBI blow on Paytm Payment Bank. As per a report by Hindu Business Line, Mukesh Ambani’s Jio Financial and HDFC Bank are among the frontrunners to acquire the wallet business from crisis-laden Paytm. The report suggests that the team of Paytm CEO Vijay Shekhar Sharma has been in talks with Mukesh Ambani’s Jio Financial Services since last November. The financial wallet got HDFC Bank’s attention after RBI announced restrictions on Paytm Payments Bank. Since the news Mukesh Ambani’s contention to buy Paytm wallet camer
For those who are unaware, RBI has banned Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. The move from RBI comes after a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
Mukesh Ambani led India’s most valuable company Reliance Industries with Rs 1954000 crore carved out by Jio Financial Services and it got listed in August last year. The company has applied for mutual fund licence in partnership with BlackRock. The mutual fund licence application by Jio Financial Services and BlackRock is currently under consideration by Securities and Exchange Board of India (SEBI). The new subsidiary of Mukesh Ambani entered into a 50:50 joint venture with BlackRock last year with Rs 1200 crore investment from each to enter the asset management business in India.
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