Reported by: banking|Updated: July 20, 2021
State Bank of India has selected Paisalo Digital as the National Corporate Business Correspondent of the bank for financial inclusion. An agreement to this effect will be concluded soon, the bank said. 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 the bank, 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. Santanu Agarwal, Deputy CEO, Paisalo Digital, said the company is tapping into the Rs 8000 billion market opportunity of small ticket loans for India’s 365 million unbanked population. This engagement will help the company increase share of fee and service income in total income in future, he added. He also mentioned that coupled with the fully digital SBI-Paisalo Loan Co-origination Scheme, Paisalo will achieve its target of creating a seamless banking solution for India’s Bottom of the Pyramid population.