India’s largest lender State Bank of India has selected Paisalo Digital as its National Corporate Business Correspondent for boosting its financial inclusion drive with the help of kiosk-based banking services.
The final signing of the Service Level Agreement and other formalities shall be done shortly.
As a part of this alliance, Paisalo Digital shall be extending its services and its reach to its existing customers and new customers. As a business correspondent for State Bank of India, they will help the bank in improving 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, shares, “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.”