With a vision of empowering the AGRI, Allied AGRI, MSME Segment Women and Small Businesses, Paisalo Digital Limited on Wednesday signed a Co-lending loan agreement with State Bank of India.
This agreement is an extension of the already up and running Co-Origination of loan platform with State Bank of India, to make it in conformity with the latest RBI circular on Co-lending of loans as released on 05 November 2020.
SBI-Paisalo, Co-Origination (now to be known as Co-lending) digital platform is an end-to-end digital platform for sourcing, servicing, and recovery of small-ticket priority sector loans. SBI-Paisalo Co-Origination (now known as Co-lending) digital platform has sourced and serviced 40,079 borrowers as of Q1 FY2022, and on 31 March 2021, the platform had serviced 38,362 borrowers.
Santanu Agarwal, Deputy CEO, Paisalo Digital Limited, said, “Paisalo sees a huge opportunity and is well-positioned to capitalize on the huge Rs 8 lakh crore market of small-ticket loans for our 365 million of underbanked and under-serviced population. This engagement will promote greater synergies and will enable a faster rollout of our co-lending (previously known as Co-Origination of Loans) product. Our Fully Digital SBI-Paisalo Loan Co-Origination (now known as Co=Lending) Scheme is a big step forward combined with our recently signed National Business Correspondent Agreement with the bank; Paisalo’s goal of creating the most competitive seamless banking solution for India's Bottom of Pyramid Population.”
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