Policybazaar's PB Fintech Gets RBI Payment Aggregator License

New Delhi, Apr 15 (PTI) PB Fintech, the parent entity of Policybazaar, on Tuesday said its subsidiary had secured payment aggregator licence from the RBI.

Last year, the company had announced setting up a wholly-owned subsidiary -- PB Pay Private Limited (PB Pay) -- to apply to the Reserve Bank of India (RBI) for obtaining a Certificate of Registration (CoR) as an NBFC Payment Aggregator (NBFC-PA).

"In this regard, 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," PB Fintech said in a late-evening regulatory filing.

The in-principle authorisation is, however, subject to adherence to the guidelines on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020, it added.

The paid-up share capital of the proposed company will be Rs 27 crore.