Context:
PB Fintech announced that the Reserve Bank of India (RBI) has granted in-principle authorisation to its wholly-owned subsidiary, PB Pay Private Limited, to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007.
Background
- In March 2024, PB Fintech’s board approved the formation of PB Pay to enter the payment aggregator business.
- PB Pay was incorporated in April 2024 to facilitate merchants with digital and/or offline payment infrastructure, for both domestic and cross-border transactions.
- In an exchange filing post-market hours, the company confirmed that the RBI has approved its application for a certificate of registration (CoR) as a Non-Banking Financial Company – Payment Aggregator (NBFC-PA).
Company Overview
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PB Fintech is the parent company of policybazaar.com and paisabazaar.com, offering online marketing, consulting, and support services in the financial services domain, including insurance and lending products.
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Financial Performance
- Q3 FY24 Net Profit: ₹71.54 crore, up 88.02% YoY
- Q3 FY24 Net Sales: ₹1,291.62 crore, up 48.31% YoY
- Stock Movement: Shares rose 0.21% to ₹1,625 on the BSE
This development strengthens PB Fintech’s position in India’s growing fintech and digital payments ecosystem. With RBI’s in-principle approval, PB Pay is now poised to scale its role in facilitating digital payment solutions across sectors.
