PB Fintech secures account aggregator licence from RBI

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained the non-banking finance company-account aggregator (NBFC-AA) license from the Reserve Bank of India (RBI) for its wholly owned subsidiary entity.

In a stock exchange filing on Monday, the Gurugram-headquartered company announced that it received the certificate of registration on October 21. The operations will be carried out by its subsidiary entity PB Financial Account Aggregator.

An NBFC-AA is a specialized type of financial institution licensed by the central bank. It facilitates the flow of financial data between multiple regulated institutions. Perfios, Setu, DigiO, and similar entities are the other regulated NBFC-AAs. PB Fintech obtained the in-principle approval from the RBI in January 2023. With the registration now secured, it can start its business operations.

In a recent interview with ET, Naveen Kukreja, the chief executive officer of Paisabazaar, mentioned that he aims to expand the scope of the credit marketplace by adding financial services like investment advisory and others.

The Account Aggregator license can help Paisabazaar access the financial data of customers to aid in making informed decisions.