Paisalo signs co-loan loan agreement with PNB; Stocks are trading higher
In a bid to empower AGRI, Allied AGRI, the MSME segment, women entrepreneurs and small businesses, Paisalo Digital Limited on Tuesday signed a co-loan loan agreement with the Punjab National Bank.
The company said in a filing Tuesday that the deal was in line with the RBI’s latest loan co-lending circular issued on November 5, 2020.
PNB-Paisalo’s co-lending platform will leverage the low cost of PNB funds on the liability side and the underwriting capabilities of Paisalo’s creation and rules engine on the asset side, with help from an end-to-end digital platform for the sourcing, maintenance and recovery of priority small sector sector loans generating ticket revenue.
“Paisalo sees huge opportunities and is well positioned to capitalize on the huge Rs8lakh crore market for small note loans for our 365 million underbanked and underserved people. The PNB-Paisalo co-loan product is a big step forward towards Paisalo’s goal of creating the most competitive transparent banking solution for the Indian people at the bottom of the pyramid, ”said Santanu Agarwal, Deputy Managing Director 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 Rs 37 per coin, up Rs 0.25 or 0.68% from its previous close of Rs 36.75 per coin on the BSE.