New Launch16 Apr 2025, 03:37 am
PB Fintech Receives In-Principle Authorisation as NBFC-PA from RBI
AI Summary
PB Fintech Limited has received an in-principle authorisation from the Reserve Bank of India (RBI) for its wholly owned subsidiary, PB Pay Private Limited, to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007. The authorisation is subject to adherence to the PA-PG Guidelines and clarifications issued by RBI. This development comes after the company's earlier communications dated April 09, 2024 and March 20, 2024, where it had intimated setting up PB Pay to apply for the CoR as NBFC-PA.
Key Highlights
- PB Fintech receives in-principle authorisation from RBI for its subsidiary PB Pay to operate as an Online Payment Aggregator.
- The authorisation is subject to adherence to the PA-PG Guidelines and clarifications issued by RBI.
- PB Pay was set up to apply for the CoR as NBFC-PA, as communicated by PB Fintech in April and March 2024.