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
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.
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.
