State Bank of India 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.
Paisalo Digital 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, it 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, according to a press statement.
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.”