PB Fintech Limited, the parent company of Policybazaar and Paisabazaar, has announced that its wholly owned subsidiary, PB Pay Private Limited, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator.
The authorisation has been granted under the Payment and Settlement Systems Act, 2007, as per RBI’s letter dated April 15, 2025. “we are pleased to inform that RBI has granted an In-Principle authorisation to PB Pay to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007 vide its letter no. CO. DPSS.AUTH.No. S48/02.27.004/2025-26 dated April 15, 2025,” PB Fintech said in a regulatory filing.
The in-principle approval allows PB Pay to move forward with its plans to offer payment aggregation services, subject to compliance with the RBI’s guidelines on Regulation of Payment Aggregators and Payment Gateways, issued on March 17, 2020, and the clarifications provided on March 31, 2021.
PB Fintech had earlier informed the exchanges about the formation of PB Pay on March 20, 2024, and its application for the RBI license on April 9, 2024. This marks a significant step for PB Pay, which was specifically established to seek registration as a Non-Banking Financial Company – Payment Aggregator (NBFC-PA). The approval further strengthens PB Fintech’s presence in the digital financial services ecosystem and aligns with its strategy to expand into payment solutions.