PB Fintech’s subsidiary PB Pay gets RBI nod to operate as online payment aggregator

PB Pay was set up with the aim of registering as a Non-Banking Financial Company - Payment Aggregator (NBFC-PA).

PB Fintech Limited, the parent company of Policybazaar, on April 15 said its subsidiary PB Pay Private Limited has secured in-principle authorisation from the Reserve Bank of India (RBI) to function as an Online Payment Aggregator.

The approval, granted under the Payment and Settlement Systems Act, 2007, was communicated through an RBI letter dated April 15, 2025, the company said in a regulatory filing.

PB Pay was set up with the aim of registering as a Non-Banking Financial Company - Payment Aggregator (NBFC-PA). The company had earlier informed exchanges about the formation of PB Pay in its disclosures dated March 20 and April 9, 2024.

While the RBI’s nod marks a key milestone for PB Pay, the company noted that the authorisation is subject to compliance with the central bank’s guidelines on payment aggregators and gateways issued on March 17, 2020, along with subsequent clarifications provided on March 31, 2021.