PB Fintech said on Monday that the Reserve Bank of India (RBI) has granted ‘Certificate of Registration’ (CoR) to its wholly-owned subsidiary PB Financial Account Aggregators Private Ltd to commence ‘Account Aggregator’ business.
The wholly-owned subsidiary can undertake this business as a non-banking financial institution without accepting public deposits and subject to the conditions mentioned in the CoR, the RBI has stipulated.
With the grant of CoR, PB Financial Account Aggregators Private Ltd is now eligible to carry on the business of an Account Aggregator, PB Fintech said in a filing with the stock exchanges. The CoR is valid from October 18,2024.
Parent entity
PB Fintech is a parent entity which operates insurance aggregator Policybazaar and credit marketplace Paisabazaar.
RBI had in January 2023 granted in-principle approval for PB Financial Account Aggregators to set up its account aggregator business.
In February 2022, PB Fintech had set up its wholly owned subsidiary ‘PB Financial Account Aggregators’ and applied to RBI for obtaining ‘CoR’ as NBFC-AA.
Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets and e-mandates.
PB Fintech had reported a consolidated net profit of ₹ 59.98 crore for the quarter ended June 30,2024 as against net loss of ₹ 11.90 crore in same quarter last fiscal.
The June 2024 quarter performance was the third consecutive quarter when the company remained in black and reported profits.
In the March 2024 quarter, PB Fintech had reported a net profit of ₹ 60.19 crore. For the December 2023 quarter, PB Fintech had reported net profit of ₹ 37.2 crore.