Companies

Paisalo Digital records fresh year-high as SBI signs SLA with the co

Our Bureau Mumbai | Updated on September 28, 2021

Paisalo will focus on building greater synergies and a more aggressive roll-out of their fully digital small loan business under SBI-Paisaloo loan co-origination

The shares of Paisalo Digital recorded fresh highs on Tuesday after the company announced that the State Bank of India has signed a service level agreement with it for engagement as national business correspondent.

At 10:36 am, Paisalo was trading at ₹899.45 on the BSE, up ₹13.70 or 1.55 per cent, after recording a fresh high of ₹930.50 during the morning trade. It had opened at ₹900 as against the previous close of ₹885.75. It hit an intraday low of ₹895.

On the NSE, it was trading at ₹899, up ₹10.10 or 1.14 per cent. It recorded a fresh 52-week high of ₹932.

The company on Monday announced that SBI had signed a SLA with Paisalo Digital, for engagement as a national corporate business correspondent of the bank to promotes financial inclusion by providing banking services through kiosks.

“Towards this objective of financial inclusion, Paisalo Digital shall extend its services and reach to the vast under serviced segments of the market, specially in semi urban and rural parts of India,” the company said in an official release.

Building synergies

As a national business correspondent for State Bank of India, Paisalo will focus on building greater synergies and a more aggressive roll-out of their fully digital small loan business under SBI-Paisaloo loan co-origination.

Santanu Agarwal, Deputy CEO, Paisalo Digital, said, “Paisalo sees huge opportunity and is well positioned to capitalise on the huge ₹8 lakh crore market of small ticket loans for our 365 million of under-banked and under serviced population. This engagement will besides promoting greater synergies and enabling a faster rollout of our joint digital lending products also help increase Paisalo's fee and service income in future.”s

Published on September 28, 2021

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