PB Fintech Arm PB Pay Gets In RBI Nod To Operate As Payment Aggregator

PB Fintech Limited, the parent firm of Policybazaar, has announced that its wholly owned subsidiary PB Pay Private Limited, has received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator.

"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 vide its letter no. CO. DPSS.AUTH.No. S48/02.27.004/2025-26 dated April 15, 2025,” PB Fintech said in a filing with the exchanges.

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The RBI has given in-principle approval to PB Pay under the Payment and Settlement Systems Act, 2007, as per a letter dated April 15, 2025. This comes after the company shared updates in March and April 2024 about setting up PB Pay to apply for NBFC-Payment Aggregator (NBFC-PA) status.

While this approval is an important step, PB Pay noted that it still needs to follow all RBI guidelines for Payment Aggregators and Gateways issued in 2020 and updated in 2021.

The RBI first introduced the payment aggregator (PA) framework in March 2020. A payment aggregator (PA) licence is required for companies that help businesses accept digital payments.

For those unfamiliar, an "in-principle" approval means PB Pay can start onboarding merchants, but full approval usually takes 6 to 18 months. The company also needs to meet certain financial requirements before it can fully start operations.

Once it gets the final approval, PB Pay will be able to offer payment processing services, competing with major players like Razorpay, Cashfree, CCAvenue and PayU India.

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