On April 15, PB Fintech Limited, the parent entity of Policybazaar, said its subsidiary, PB Pay Private Limited, has got in-principle approval from the Reserve Bank of India (RBI) to function as an online payment aggregator.
The RBI gave the approval under the Payment and Settlement Systems Act, 2007, and informed it through an official RBI letter dated April 15, 2025, the company said in its regulatory filing.
PB Pay was incorporated with the aim of becoming a Non-Banking Financial Company – Payment Aggregator (NBFC-PA). PB Fintech had earlier announced the incorporation of PB Pay in updates on March 20 and April 9, 2024.
Although the RBI’s approval is a significant step forward for PB Pay, the company noted that final authorization depends on meeting the RBI’s guidelines for payment aggregators and gateways, which were issued on March 17, 2020, and later clarified on March 31, 2021.
