Pine Labs Limited announced that its wholly-owned subsidiary, Broken Tusk Technologies Private Limited (Setu), has received approval from the Reserve Bank of India (RBI) to increase its stake in Agya Technologies Private Limited (Agya Technologies) to 100%.

Agya Technologies is an associate company of Setu and holds an authorization from the RBI to operate as a Non-Banking Financial Company – Account Aggregator (NBFC-AA).

Following the RBI's approval, Setu intends to complete the acquisition of the 100% stake in Agya Technologies in the near future, potentially in multiple tranches. A public notice regarding this acquisition will be published separately in local and national newspapers as per RBI guidelines. The information will also be available on Pine Labs' investor relations website.