PolicyBazaar Ventures into Payment Aggregation with Launch of PB Pay Pvt Ltd

Tags: Economy/Finance

PolicyBazaar, a leading player in insurance and financial services, announced the formation of 'PB Pay Pvt Ltd' to diversify its offerings.

An Overview of the News

• The Board of Directors of Policybazaar approved the incorporation of PB Pay Private Limited on March 20, 2024.

• The subsidiary's focus on payment aggregation services awaits regulatory approval, particularly from the Reserve Bank of India (RBI).

Business Scope and Capitalization

• PB Pay Private Limited will operate as a Non-Banking Financial Company (NBFC) focusing on payment aggregation services.

• The authorized share capital for the subsidiary has been set at Rs 50,00,00,000, with a proposed paid-up capital of Rs 27,00,00,000.

Ownership and Transaction Details

• As a wholly owned subsidiary of Policybazaar, PB Pay Private Limited will be considered a related party.

• Despite the absence of a visible promoter for Policybazaar, the transaction is expected to be at a considerable distance, reflecting the status of its professionally managed entity.