PB Fintech-owned Paisabazaar grilled by IT officials on vendor issues

  • Paisabazaar, a part of PB Fintech, is being questioned by IT officials regarding ‘certain vendors’
  • The company has complied with the requests and has said that it will continue to supply necessary information
  • Paisabazaar’s credit business reportedly has an annualised run rate of Rs 16,000 crore disbursal
  • The platform has issued around 5.8 lakh credit cards on an annualised basis

PB Fintech-owned Paisabazaar is being questioned by income tax officials regarding ‘certain vendors’. The financial company has said that it has provided the necessary information requested by the IT officials and will continue to comply with future requests for additional information.

Paisabazaar’s credit business reportedly has a run rate of Rs 16,000 crore disbursal on an annualised basis. In addition to this, the company has issued roughly 5.8 lakh credit cards on an annualised basis. The company has not yet provided further clarification or elaboration on the matter.

It will be interesting to observe the developments regarding this scenario in the future. Although it’s not clear at this point what the exact nature of the IT officials’ questions is, it certainly puts PB Fintech in the spotlight.

Fintech, especially in India, is an ever-evolving sector that faces increased scrutiny due to the high potential for misuse. Hence, it is important for companies in this sector to maintain the utmost transparency to ensure the trust and faith of their consumers.

While PB Fintech has promised to comply with further requests for information, it remains to be seen what effect this development will have on the company’s operations and reputation.