Current Context: On 7 September 2026, RNFI Services received in-principle RBI authorisation to operate as a Payment Aggregator–Physical. On 8 September 2026, PB Fintech’s subsidiary PB Pay launched its payment-aggregation platform using the RBI licence it had received earlier in February 2026.
Key Points:
- On the same day, RBI permitted ICICI Prudential AMC to acquire holdings of up to 9.95% in four banks. These developments expand regulated payment services and institutional investment in India’s financial sector.
- RNFI Services can expand into physical, offline and in-store merchant payments.
- Its approval is in-principle and is not the same as final authorisation.
- Payment aggregators are regulated under the Payment and Settlement Systems Act, 2007.
- PB Pay is a wholly owned subsidiary of PB Fintech Limited, the parent company of Policybazaar.
- PB Pay allows merchants to accept different payment methods through a unified platform.
- Its services include payment collection, transaction processing, settlement and refunds.
- ICICI Prudential AMC received approval to invest in Kotak Mahindra Bank, CSB Bank, DCB Bank and AU Small Finance Bank.
- The 9.95% limit applies separately to the paid-up share capital or voting rights of each bank.
- The approvals were granted under the RBI Commercial Banks–Acquisition and Holding of Shares or Voting Rights Directions, 2025.
- ICICI Prudential AMC has one year from the approval date to complete the proposed acquisitions.
- RBI’s permission does not mean that the AMC has already acquired the entire approved stake.
Question:
Q1. RBI permitted ICICI Prudential AMC to acquire an aggregate holding of up to what percentage in each of four specified banks?a) 5%
b) 7.50%
c) 9.95%
d) 10.50%
Answer: c) RBI permitted ICICI Prudential AMC to acquire holdings of up to 9.95% in Kotak Mahindra Bank, CSB Bank, DCB Bank and AU Small Finance Bank.
