PB Fintech to set up payment aggregator subsidiary

PB Fintech, the promoter of Policy Bazaar, on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary to carry on the business of payment aggregator.

The subsidiary called 'PB Pay Private Limited' would carry on the business of payment aggregator' domestic and/or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both, the company said in a regulatory filing.

The paid-up share capital of the proposed company would be Rs 27 crore, it said.

The application for the process of incorporation of the proposed wholly-owned subsidiary would be filed and completed subject to approval from the relevant authorities, it said.