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After Paytm, Now Policybazaar Parent Under IT Lens For Regulatory Laxes, KYC Non-Compliance

Inc42 · 1y

The Income Tax department is likely to initiate assessment proceedings for PB Fintech, the parent company of Policybazaar, due to regulatory non-compliance and KYC issues. The company came under the radar after a survey conducted by the income tax authorities uncovered concerns about regulatory lapses. Temasek Holdings recently sold its stake in PB Fintech, while the company itself turned profitable in the Q3 of FY24. This scrutiny comes amidst regulatory challenges faced by other fintech players like Paytm. A group of entrepreneurs has requested the Prime Minister and other officials to reconsider the regulatory directives for Paytm's banking unit.