Fintech major PB Fintech’s wholly owned subsidiary PB Pay Pvt. Ltd. (PB Pay) has received an in-principle authorisation to operate as an Online payment aggregator. Insurance aggregator Policybazaar.com parent revealed in an exchange filing that the Reserve Bank of India (RBI) granted the authorisation in a letter dated April 15.

“We are pleased to inform that RBI has granted an in-principle authorisation to PB Pay to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007,” said the exchange filing that came late in the Monday evening.

Having received the approval, PB Pay will now offer domestic and/or cross-border payment solutions. The NBFC will facilitate both offline and digital payment acceptance infrastructure for merchants. This approval, however, is subject to compliance with RBI’s guidelines on payment aggregators and gateways.

On March 20, 2024, the parent company’s board approved the incorporation of the subsidiary. The company had then stated that the proposed authorised share capital is ₹50 crore, with a paid-up capital of ₹27 crore, fully subscribed in cash.

The subsidiary then had received the certificate of incorporation on April 9 last year from the Registrar of Companies (RoC), Ministry of Corporate Affairs (MCA).

PB Pay now joins other licensed payment aggregators like Razorpay, Google Pay, BharatPe, and Easebuzz.

PB Pay has become the second NBFC to receive approval for an NBFC-PA license, following BharatPe, which was granted final authorisation by the central bank on April 11. With the approval, BharatPe plans to launch its new platform, ‘BharatPe X,’ to expand digital payment services, particularly in tier 2 and 3 cities and high-growth sectors.

In addition to its push into payments, PB Fintech is expanding beyond core financial services with plans to invest up to ₹696 crore in its wholly owned subsidiary, PB Healthcare Services, in FY26. Including contributions from senior leadership and external investors, the total investment will amount to ₹828.75 crore. Earlier today, the company released its scrutinizer’s report and voting results, confirming shareholder approval for related party transactions involving PB Fintech, its key executives, and PB Healthcare Services.

Policybazaar and ICICI Lombard also had announced a strategic partnership today, aimed at expanding access to insurance solutions. The collaboration is expected to leverage ICICI Lombard’s product portfolio and Policybazaar’s wide customer reach to offer insurance services to nearly 1 crore people, making coverage more accessible across segments.

PB Fintech shares closed at ₹1,624 on April 15, up 6% from the previous session’s close of ₹1,533.15 on the NSE.