PB Fintech Limited, the parent company of Policybazaar, is making a significant leap into the digital payments sector. On April 15, 2025, the company announced that its fully owned subsidiary, PB Pay Private Limited, has received in-principle approval from the Reserve Bank of India (RBI) to function as an online payment aggregator.
This approval, issued under the Payment and Settlement Systems Act, 2007, marks a key milestone in PB Pay’s journey toward launching its payment services in India. The RBI’s confirmation was formally communicated on April 15, 2025.
PB Pay was initially formed to enter the digital payments ecosystem as a Non-Banking Financial Company – Payment Aggregator (NBFC-PA). PB Fintech had shared its intention to pursue this path with stock exchanges in March and April 2024.
Although the in-principle approval is a strong start, PB Pay still needs to meet all regulatory requirements outlined by the RBI in its 2020 guidelines (updated in 2021) for payment aggregators and gateways. Once these conditions are satisfied, PB Pay will be allowed to offer payment aggregation services, enabling businesses to accept online payments from customers across platforms.
This development shows PB Fintech’s strategic push beyond insurance and toward becoming a broader fintech player, focusing on digital finance and online transactions in India’s fast-growing digital economy.