PB Fintech Limited, the promoter of Policybazaar, has informed that its board of directors has approved incorporation of a wholly owned subsidiary of the company under the name ‘PB Pay Private Limited’ to carry on the business of payment aggregator.
Informing about the same via a regulatory filing, the company said, “The Board of Directors of the Company at its meeting held today i.e. Wednesday, March 20, 2024, has, inter-alia, considered and approved incorporation of a wholly owned subsidiary of the Company under the name and style of “PB Pay Private Limited” to carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both.”
As per the information, the authorised share capital of the proposed company would be Rs. 50 Crores, while the paid-up share capital would be ₹27 crore.
“The proposed company on incorporation will apply to RBI for Payment Aggregator License and conduct the PA business once RBI licence is received,” the filing said.