SBI selects Paisalo Digital as National Corporate Business Correspondent

By Leandra Monteiro

State Bank of India (SBI) has selected Paisalo Digital as National Corporate Business Correspondent of the Bank for financial inclusion by providing banking services through kiosks. The signing of the Service Level Agreement and other formalities shall be done shortly.

Ensuring superior financial inclusion and increasing the outreach, the financial solutions company shall extend its services and its reach to the general public including its existing customers and new customers. As a business correspondent for State Bank of India, they will focus and improve the synergy with the thrust of the already up and running fully digital small loan business under SBI-Paisalo Loan Co-origination.

Santanu Agarwal, Deputy CEO, Paisalo Digital shared, “Paisalo is tapping into the Rs 8 lakh crore market opportunity of small ticket loans for India’s 365 million unbanked population. This engagement will help us increase share of fee and service income in total income in future. Coupled with Fully Digital SBI-Paisalo Loan Co-Origination Scheme, Paisalo will achieve its target of creating a seamless banking solution for India’s Bottom of Pyramid Population.”

Paisalo Digital Limited is a Systemically Important Non-Deposit taking NBFC registered with the Reserve Bank of India. The Company was incorporated in the year 1992 as a Private Limited Company, converted itself in a Public Limited Company in the year 1995 and got listed in the year 1996 through Initial Public Offer (IPO). Presently the company is listed on NSE & BSE.