PB Fintech to Establish a Subsidiary for Payment Aggregators

PolicyBazaar’s promoter, PB Fintech, said on Wednesday that its board had authorized the creation of a wholly-owned subsidiary to conduct payment aggregation operations. According to a regulatory filing by the company, the subsidiary known as “PB Pay Private Limited” would conduct payment aggregator business domestically, internationally, or both, as may be allowed by the Reserve Bank of India. It would do this by helping merchants with offline and/or digital payment acceptance infrastructure, or both.

It said that the planned business will have a paid-up share capital of Rs 27 crore. It said that submission and completion of the application for the planned wholly-owned subsidiary’s incorporation procedure would be contingent on clearance from the appropriate authorities.