PB Fintech, the parent company of Policybazaar, announced on Tuesday that its subsidiary has received a payment aggregator licence from the Reserve Bank of India (RBI).

Last year, the company had set up a wholly-owned subsidiary, PB Pay Private Limited (PB Pay), with the objective of applying to the RBI for a Certificate of Registration (CoR) to operate as a Non-Banking Financial Company - Payment Aggregator (NBFC-PA).

In a late-evening regulatory filing, PB Fintech stated, "We are pleased to inform that the RBI has granted in-principle authorisation to PB Pay to function as an online payment aggregator under the Payment and Settlement Systems Act, 2007."