In a bid to empower AGRI, Allied AGRI, MSME segment, women entrepreneurs and small businesses, Paisalo Digital Limited on Tuesday signed a joint loan agreement with Punjab National Bank.
The company said in a filing on Tuesday that this agreement is in line with the latest RBI circular on loan co-lending issued on November 5, 2020.
PNB-Paisalo’s co-lending platform will leverage PNB’s low cost of funds on the liability side and the underwriting capabilities of Paisalo’s authoring and rules engine on the asset side, with the help of an end-to-end digital platform for sourcing, servicing and recovering small loans to priority revenue-generating sectors.
“Paisalo sees a huge opportunity and is well positioned to capitalize on the huge Rs8lakh crore market of small loans for our 365 million underbanked and underserved people. The PNB-Paisalo co-loan product is a big step towards Paisalo’s goal of creating the most competitive transparent banking solution for India’s bottom of the pyramid population,” said Santanu Agarwal, Deputy CEO of Paisalo. Digital Limited.
Towards the close of trade on Tuesday, Paisalo Digital Limited was trading at Rs 685.20 per coin up Rs 11.30 or 1.68% on BSE.
The Punjab National Bank was trading at Rs37 per coin, up Rs0.25 or 0.68% from its previous close of Rs36.75 per coin on BSE.