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PolicyBazaarโ€™s PB Pay receives RBI approval for Payment Aggregation

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PolicyBazaarโ€™s PB Pay receives RBI approval for Payment Aggregation
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PolicyBazaarโ€™s PB Pay receives RBI approval for Payment Aggregation PB Pay Private Limited, a wholly owned subsidiary of InsurTech firm PB Fintech, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007. The approval comes nearly a year after the company submitted its application. The authorisation is subject to compliance with the RBIโ€™s guidelines on the regulation of payment aggregators and payment gateways. Policybazaar focuses on insurance, while Paisabazaar, also under PB Fintech, handles the credit side โ€” personal loans, business loans, credit cards, and credit scores. This move will help the companyโ€™s business to support and streamline payment across both insurance and credit verticals and reduce reliance on third-party service providers. Last month, PB Fintech also got the board approval to infuse Rs 696 crore or $80 million to its subsidiary PB Healthcare Services Pvt Ltd to strengthen its new unitโ€™s operations in Indiaโ€™s health care sector. The parent company of Policybazaar and Paisabazaar reported a 48.3% year-on-year revenue growth to Rs 1,292 crore in the third quarter of the last fiscal year (Q3 FY25) from Rs 871 crore in Q3 FY24. During the same period, its net profit nearly doubled to Rs 72 crore from Rs 37 crore in the corresponding quarter of the previous fiscal. PB Fintech is currently trading at Rs 1,625 with a total market capitalization of Rs 74,629 crore (approximately $8.6 billion).

Ahead of IPO, PayU receives final Payment Aggregator license

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Ahead of IPO, PayU receives final Payment Aggregator license
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Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. โ€œAs we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institutionโ€”one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,โ€ said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organizationโ€™s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in Indiaโ€™s real-time payments space and leveraging Mindgateโ€™s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwikโ€™s subsidiary Zaakpay and PB Fintechโ€™s subsidiary PB Pay received in-principle approval, and BharatPeโ€™s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

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