POLICYBZR

PB Fintech Gets RBI Approval for Online Payment Business

PB Fintech, the parent company of Policybazaar, announced that its subsidiary, PB Pay, has received in-principle approval from the RBI to operate as an online payment aggregator. This means PB Pay can now move forward with offering digital payment services, like collecting payments for online businesses. The approval was granted under the RBI’s Payment and Settlement Systems Act, 2007. However, PB Pay still needs to meet all the regulatory conditions and guidelines set by the RBI before starting full operations. This is a big step for PB Fintech in expanding into the digital payments space.