PB Fintech, which operates Policybazaar said that the company’s board has cleared a proposal to acquire up to 70.1% stake in Myloancare. The board also cleared a proposal to set up an new company to do the business of an account aggregator.

Myloancare is engaged in the business of sourcing and servicing of financial products, generating leads for banks and financial institutions, developing software and providing services in relation to data processing, financial data analysis, information systems and data communication systems.

PB Fintech will initially acquire 24.9% stake in Myloancare after intimation to the RBI. Subsequently, the company will increase its stake to 70.1% and it aims to complete the acquisition within six months for a cash consideration and will to set up the new account aggregator (AA) NBFC as a wholly-owned subsidiary within nine months.
“The AA has to be licenced by the RBI. The incorporation will leverage the facility without external dependency on another account aggregators for information gathering, cost saving / revenue housing and offer seamless solutions,” said the company

The account aggregator (AA) entity will engage with the activity of retrieving or collecting financial information pertaining to customers. The RBI had created the AA framework to enable customers of a financial institution to get service from any other financial institution they choose by sharing their transaction history.