Policybazaar parent entity PB Fintech said that the Reserve Bank of India (RBI) has granted an in-principle authorisation to PB Pay to operate as an online payment aggregator.

In March 2024, the board of the company had approved incorporation of a wholly owned subsidiary of the company under the name of PB Pay Private Limited to carry on the business of payment aggregator domestic and/or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both.

In an exchange filing, the company informed that application of PB Pay for obtaining certificate of registration (CoR) as NBFC-Payment Aggregator (NBFC-PA) has been approved by the RBI.

PB Fintech, which operates insurance marketplace Policybazaar and loan marketplace Paisabazaar, reported Rs 1291.62 crore in net revenue during Q3 December 2024, a 48.3% increase year-on-year. Its consolidated net profit rose 88.02% to Rs 71.54 crore.