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PB Pay Gets RBI In-Principle Nod as Payment Aggregator

22 April 20251 min read
BANKING & FINANCEPB Pay Gets RBIIn-Principle Nod asPaymentAggregator22 April 2025safalsetu.com

Why in the news

PB Fintech told exchanges that RBI has approved its subsidiary PB Pay, in principle, to run as an online payment aggregator.

Key facts

  • Law: Payment and Settlement Systems Act, 2007; licence type: NBFC-Payment Aggregator (NBFC-PA) via a certificate of registration (CoR).
  • PB Pay was approved by the board in March 2024 and incorporated in April 2024, to serve merchants with digital or offline payment set-ups, domestic and cross-border.
  • Parent PB Fintech runs policybazaar.com and paisabazaar.com.

Significance

  • Strengthens PB Fintech’s position in India’s digital payments ecosystem.

Exam angle

  • Regulator: RBI; status: in-principle, not final licence.

Test yourself

1. PB Pay received RBI's in-principle authorisation to operate as what?

RBI cleared PB Pay as an online payment aggregator (NBFC-PA).

2. Under which Act did RBI grant PB Pay its in-principle payment aggregator approval?

Authorisation came under the Payment and Settlement Systems Act, 2007.

3. PB Pay is a wholly-owned subsidiary of which company?

PB Fintech, parent of policybazaar.com, owns PB Pay fully.

This topic is part of Daily Current Affairs 21 & 22 April 2025 (24 topics).

All topics of the dayDay quizApril 2025

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