In March 2024, the board of the company had approved incorporation of a wholly owned subsidiary of the Company under the name and style of PB Pay Private Limited (PB Pay) to carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both.

The said subsidiary was incorporated in the following month of April.

In an exchange filing made post trading hours yesterday, the company informed that application of PB Pay for obtaining certificate of registration (CoR) as NBFC-Payment Aggregator (NBFC-PA) has been approved by the RBI.

Accordingly, the country’s banking regulatory has granted in-principle authorisation to PB Pay to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007.

PB Fintech is primarily engaged in providing online marketing, consulting and support services through its online portal policybazaar.com and paisabazaar.com largely for the financial service industry, including insurance.

Its consolidated net profit rose 88.02% to Rs 71.54 crore while net sales rose 48.31% to Rs 1291.62 crore in Q3 December 2024 over Q3 December 2023.

The scrip rose 0.21% to currently trade at Rs 1625 on the BSE.