PB Fintech Limited, the parent firm of Policybazaar, announced on April 15 that its subsidiary, PB Pay Private Limited, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. The approval was granted under the Payment and Settlement Systems Act, 2007, and confirmed via an RBI letter dated April 15, 2025, as per the company’s regulatory filing.
PB Pay was established with the objective of becoming a Non-Banking Financial Company – Payment Aggregator (NBFC-PA). Its formation was earlier disclosed to the stock exchanges on March 20 and April 9, 2024.
While this RBI approval is a significant development for PB Pay, the company highlighted that the authorisation remains conditional upon adherence to the RBI’s guidelines for payment aggregators and gateways issued on March 17, 2020, and further clarified on March 31, 2021.
