The paid-up share capital of the proposed company will be Rs 27 crore
New Delhi: PB Fintech, the parent entity of Policybazaar, on Tuesday said its subsidiary had secured payment aggregator licence from the RBI.
Last year, the company had announced setting up a wholly-owned subsidiary — PB Pay Private Limited (PB Pay) — to apply to the Reserve Bank of India (RBI) for obtaining a Certificate of Registration (CoR) as an NBFC Payment Aggregator (NBFC-PA).
“In this regard, 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,” PB Fintech said in a late-evening regulatory filing.
The in-principle authorisation is, however, subject to adherence to the guidelines on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020, it added.
The paid-up share capital of the proposed company will be Rs 27 crore.