PolicyBazaar’s promoter gets nod to set up payment aggregator subsidiary

PolicyBazaar promoter PB Fintech has announced that its board has approved the incorporation of a wholly-owned subsidiary to carry on the business of payment aggregator. The subsidiary called 'PB Pay Private Limited' would carry on the business of payment aggregator' domestic and/or cross border or both, as may be permitted by the Reserve Bank of India.

This will facilitate merchants with offline and/or digital payment acceptance infrastructure or both.

The paid-up share capital of the proposed company would be Rs 27 crore, it said.

“The proposed company on incorporation will apply to RBI for Payment Aggregator License and conduct the PA business once RBI licence is received," PolicyBazaar said in its filing.

The application for the process of incorporation of the proposed wholly-owned subsidiary would be filed and completed subject to approval from the relevant authorities, it said. The application for the process of incorporation of the proposed wholly-owned subsidiary would be filed and completed subject to approval from the relevant authorities, PolicyBazaar said.