CURRENT AFFAIRS
CURRENT AFFAIRS
Description
PolicyBazaar, a major participant in insurance and financial services, has announced ambitions to diversify its operations by forming a wholly-owned subsidiary called 'PB Pay Private Limited.' This subsidiary, established by the Board of Directors on March 20, 2024, intends to specialize in domestic and international payment aggregation services, subject to regulatory approvals.
Incorporation Approval: Board Meeting Decision
PolicyBazaar's Board of Directors approved the formation of PB Pay Private Limited on March 20, 2024.
The subsidiary's intended business model includes payment aggregation services, subject to regulatory permissions from authorities such as the Reserve Bank of India (RBI).
Business Scope And Capital Structure
PB Pay Private Limited plans to operate as a Non-Banking Financial Company (NBFC) with an emphasis on payment aggregation.
The subsidiary's authorized share capital is set at Rs 50,00,00,00, with a projected paid-up capital of Rs 27,00,00,000.
Ownership And Transaction Details
As a completely owned subsidiary of PolicyBazaar, PB Pay Private Limited will be considered a related party.
Despite PolicyBazaar's lack of a clear promoter, the transaction is expected to be performed at arm's length, given its status as a professionally managed organization.
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