PB Fintech Secures RBI's Nod for Payment Aggregator License

PB Fintech, the parent company of Policybazaar, announced that its subsidiary, PB Pay Private Limited, received an in-principle approval from the Reserve Bank of India to operate as a payment aggregator. The initial authorization is contingent upon compliance with regulatory guidelines and involves a paid-up share capital of Rs 27 crore.

PB Fintech, known as the parent company of Policybazaar, has made a significant stride as its subsidiary, PB Pay Private Limited, obtained an in-principle approval from the Reserve Bank of India (RBI) to function as a payment aggregator.

This follows last year's announcement when the company revealed plans to establish a wholly-owned subsidiary specifically to secure a Certificate of Registration as a Non-Banking Financial Company Payment Aggregator (NBFC-PA) from the RBI.

The approval, which falls under the Payment and Settlement Systems Act of 2007, requires PB Pay to adhere strictly to the regulatory guidelines issued in 2020. The authorized company's paid-up share capital is set at Rs 27 crore, marking a pivotal development in their financial ventures.

(With inputs from agencies.)