PB Pay Receives RBI Certificate to Operate as Payment Aggregator
In February 2026, PB Pay Private Limited, a wholly-owned subsidiary of PB Fintech Limited (parent of Policybazaar and Paisabazaar), received a Certificate of Authorisation (CoA) from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).
About PA License:
Approval: PB Pay received a CoA from RBI under the Payment and Settlement Systems Act(PSS Act), 2007, completing a regulatory process that began with incorporation in 2024 and in-principle approval in April 2025.
Integration: The approval enables vertical integration for PB Fintech Limited, allowing Policybazaar and Paisabazaar to process payments internally, reducing reliance on third-party gateways and improving efficiency.
Significance: This regulatory approval allows PB Pay to legally onboard merchants and offer digital payment services, including Unified Payments Interface (UPI), credit/debit cards, and digital wallets, marking its formal entry into India’s regulated payments sector.