In a bid to promote financial inclusion by providing banking services, State Bank of India has today signed a Service Level Agreement with Paisalo Digital Limited National Corporate Business Correspondent of the bank.
Paisalo Digital will help SBI IN extending its services in reaching serviced segments of the market, specially in semi urban and rural parts of India.
As a national business correspondent for State Bank of India, PaisaLo will focus on building greater synergies and a more aggressive roll out of their already up and running fully digital small loan business under SBI-Paisalo Loan Co-origination.
Santanu Agarwal, Deputy CEO, Paisalo Digital, shares, “Paisalo sees huge opportunity and is well positioned to capitalise on the huge Rs 8 lakh crore market of small ticket loans for our 365 million of under banked and under servicedpopulation. This engagement will besides promoting greater synergies and enabling a faster rollout of our joint digital lending products also help increase Paisalo’s fee and service income in future. Together with our Fully Digital SBI-Paisalo Loan Co-Origination Scheme this is a big step forward in Paisalo’s goal of creating the most competitive seamless banking solution for India’s Bottom of Pyramid Population.”