Paisalo Digital Limited builds alliance with Bank of India as National Business Correspondent Partner

Paisalo Digital Limited

Paisalo Digital Limited has collaborated with the Bank of India (BOI) as its National Business Correspondent partner, marking a watershed moment in India’s financial inclusion. The relationship is strengthened by the formalization of a Service Level Agreement, which establishes a solid alliance among the top financial institutions.

Paisalo will be able to extend essential banking services such as customer enrollment (Account Opening) through digital eKYC solutions, the opening of all Saving Accounts, deposit / withdrawal of money in an account of any bank (Interoperable Banking), balance enquiry / mini statement of account, and social security schemes such as PMSBY (Pradhan Mantri Suraksha Bima Yojana), PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), and APY (Atal Pension Yojana). This collaboration will also result in self-employment and the creation of an inclusive financial environment for underbanked members of society.

Commenting on the alliance with Bank of India, Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited, shares, “We at Paisalo Digital Limited are very optimistic and enthusiastic about this partnership. Our journey thus far, with 628 Customer Service Points (CSP) spanning 18 states in collaboration with SBI, has been one of growth and impact. We perceive this new collaboration as a momentous opportunity to further revolutionize the financial landscape and champion inclusive finance for all. By joining forces with BOI, we aim to leverage our respective strengths and resources synergistically, allowing us to tap into the vast market and address the unique financial requirements of India’s unbanked population.”

Paisalo Digital has constantly sought to bridge the gap between financial institutions and individuals who have historically been disadvantaged by providing accessible and inclusive financial solutions. This commitment promotes economic progress and social upliftment, which aligns with the company’s primary objective.

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