Jio Financial Services Ltd (JFSL) has denied reports suggesting that it is in talks with Paytm to acquire its wallet business. The company clarified that the news item is speculative, and no negotiations have taken place. Earlier reports had indicated that JFSL and HDFC Bank were front-runners to buy Paytm’s wallet business. Paytm also issued a clarification, stating that the news was speculative, baseless, and factually incorrect. Paytm has been facing challenges, with the Reserve Bank of India (RBI) barring Paytm Payments Bank from onboarding new users due to concerns about KYC violations.