PB Fintech secures RBI payment aggregator license for subsidiary PB Pay
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PB Fintech Limited , the parent company of Policybazaar and Paisabazaar, announced on Monday that its wholly-owned subsidiary, PB Pay Private Limited, has received formal authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator.
The certificate of authorisation, granted under the Payment and Settlement Systems Act of 2007, became effective on February 6, 2026. This approval follows a nearly two-year regulatory journey that began with the incorporation of PB Pay in early 2024 and an "in-principle" nod from the central bank in April 2025.
Integrating the value chain
As a licensed payment aggregator, PB Pay is now authorised to onboard merchants and facilitate digital payments—including UPI, credit/debit cards, and digital wallets without requiring individual tie-ups with multiple banks. For PB Fintech, the immediate benefit lies in vertical integration. By processing its own payments, the group expects to reduce reliance on third-party gateways, lower transaction costs, and enhance the overall customer experience on its flagship platforms.
Industry analysts suggest that this license also unlocks a new revenue stream. The license positions PB Pay to compete not only with pure-play payment gateways like Razorpay and Cashfree but also with established fintech giants like PhonePe and Paytm, both of which have recently fortified their own merchant-side aggregator arms.
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Strong Q3 results
The RBI approval comes after PB Fintech posted a robust set of earnings for the quarter ended December 2025. The company reported a consolidated net profit of ₹189.38 crore, a 165% year-on-year (YoY) surge. Revenue from operations also jumped 37% (YoY) to reach ₹1,771 crore, driven by a 45% growth in total insurance premiums.
The shares of PB Fintech ended 1.67% higher at ₹1,530 apiece on the national stock exchange on Monday. The company's stock price has fallen nearly 8% in the last one year, underperforming the benchmark Nifty 50 index that has gained nearly 11% during the same period.