PB Financial Account Aggregator Private Limited, a subsidiary of PB Fintech, has received a Certificate of Registration (CoR) from the Reserve Bank of India.
The subsidiary can now operate as a non-banking financial institution as an account aggregator, without accepting public deposits.
The account aggregator framework enables secure transfer of customer information with their consent and consists of financial information providers (FIPs) and financial information users (FIUs).
PB Fintech is also planning to enter the payment aggregation business and the healthcare space.