PB Fintech’s PB Pay Secures RBI Nod for Payment Aggregator Services

Published • 16 April 2025 at 6:13 AM

PB Pay gets RBI approval to operate as online payment aggregator under PB Fintech — PB Fintech's PB Pay receives in-principle RBI nod for payment aggregator operations

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PB Fintech Limited, the parent company of Policybazaar, has announced a major regulatory milestone for its wholly owned subsidiary, PB Pay Private Limited. On April 15, 2025, PB Pay received in-principle approval from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007. The RBI’s authorisation, communicated via an official letter, allows PB Pay to move forward in establishing itself in the digital payments ecosystem. This approval follows earlier announcements made by PB Fintech regarding the formation of PB Pay with the aim of becoming a registered Non-Banking Financial Company - Payment Aggregator (NBFC-PA). PB Pay's authorisation is subject to compliance with the RBI’s regulatory framework, including guidelines issued on March 17, 2020, and further clarifications provided on March 31, 2021. This marks a key step for PB Fintech as it expands its fintech offerings and strengthens its footprint in the online payments space, complementing its existing insurance and financial services platforms.

Key Highlights

PB Fintech is the parent company of Policybazaar.
Its wholly owned subsidiary, PB Pay Private Limited, received in-principle approval from the RBI on April 15, 2025.
The approval is to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007.
The RBI's authorisation was communicated via an official letter.
PB Pay was initially formed to become a Non-Banking Financial Company - Payment Aggregator (NBFC-PA).
The approval is subject to compliance with RBI's guidelines issued on March 17, 2020, and further clarifications dated March 31, 2021.
This milestone helps PB Fintech expand its fintech offerings, especially in the digital payments ecosystem.
PB Pay aims to complement PB Fintech’s existing insurance and financial services platforms.