SBI, Paisalo Ink Co-Lending Loan Agreement; to enable MSMEs, women entrepreneurs with income-generating loans
In a bid to empower AGRI, Allied AGRI, women in the MSME segment and small businesses, Paisalo Digital Limited on Wednesday signed a co-loan loan agreement with the State Bank of India.
This agreement is an extension of the already operational loan co-origination platform with the State Bank of India, to bring it in line with the latest RBI circular on loan co-lending published on November 5, 2020.
The SBI-Paisalo digital platform, Co-Origination (now known as Co-lending) is an end-to-end digital platform for the sourcing, management and collection of loans from the priority sector to small price. The SBI-Paisalo Co-Origination digital platform (now known as co-loan) sought and served 40,079 borrowers in the first quarter of fiscal 2022, and as of March 31, 2021, the platform had served 38,362 borrowers.
Santanu Agarwal, Deputy CEO of Paisalo Digital Limited, said: âPaisalo sees a huge opportunity and is well positioned to capitalize on the huge Rs 8 lakh crore market of low cost loans for our 365 million underbanked people and underserved. This commitment will foster greater synergies and allow for faster deployment of our co-lending product (previously known as co-origination of loans). Our fully digital SBI-Paisalo loan co-organization program (now known as Co = Lending) is a big step forward combined with our recently signed National Trade Correspondent Agreement with the bank; Paisalo’s goal is to create the most competitive transparent banking solution for the Indian population at the bottom of the pyramid.
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Posted on: Thursday, September 30, 2021 9:51 am IST