Policybazaar-owner PB Fintech said on Monday that its unit, PB Financial Account Aggregators (PBAA), has received a Certificate of Registration from the Reserve Bank of India (RBI) to operate as an account aggregator.

The registration, granted the certificate on October 18, 2024, categorises PBAA as a non-banking financial institution (NBFC). It allows PBAA to securely aggregate and share financial data from multiple sources without accepting public deposits.

In a disclosure to the stock exchanges, PB Fintech highlighted that this development will enable PBAA to expand its services and enhance its offerings in the financial technology sector.

The company added that this approval marks a significant step in its growth strategy and will help it improve its service offerings in India.

The company had reported a net profit of ₹60 crore for the first quarter that ended June 30, 2024, compared to a net loss of ₹11.9 crore in the previous corresponding quarter

The company’s total insurance premium was ₹4,871 crore for the latest quarter, driven by a 78% year-on-year growth in the new health and life insurance business.

Shares of PB Fintech were trading 0.7% lower at ₹1,666.40 as at 2:42 pm IST on Monday.

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