Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Bank of Maharashtra and Paisalo Digital Limited sign Co-Origination of Loan Agreement

Posted On: 2019-09-21 12:44:18

Paisalo Digital Limited, is a leading Systemically Important Non Deposit taking NBFC registered with the Reserve Bank of India, in operations since 1992. With a vision of empowering the AGRI, MSME segment and small businesses, PAISALO, on September 20, 2019 signed its co-origination loan agreement with the Bank of Maharashtra, a major public sector bank in India. This is Company's second Co-origination Agreement with any Bank, before Bank of Maharashtra, PAISALO has already signed a co-origination loan agreement with State Bank of India in April, 2019.

Pursuant to Reserve Bank of India's (RBI) guidelines on co-origination of loans by banks and NBFCs, the agreement aims to combine efforts to reach unsevered last mile borrowers and to ensure timely disbursal of credit.

The co-origination arrangement will entail joint contribution of credit by the Bank and PAISALO,It shall also involve "sharing of risks and rewards between Bank and PAISALO".

This agreement is as per notification issued by the Reserve Bank of India on September 21, 2018 for Co-origination of loans by Banks and NBFCs for lending to priority sector and will support Modi Government's financial inclusion plan.

PAISALO has AUM of over INR 2,000 Crore with a net worth of INR 725.16 Crore and a CAR of 37.18% as on Q1 FY20. It has serviced nearly 10,25,000 borrowers and has over 2,65,000 live borrowers. The company serves customers with 116 branches in rural areas, serviced by a team of persons over 1500, with business operations in Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand and Bihar.

Commenting on the initiative, Mr. Sunil Agarwal, Managing Director and CEO at PAISALO said, "We at PAISALO have always believed in our mission of conducting business with a social conscience and we intend to continue this thought throughout our journey. We are delighted to associate with Bank of Maharashtra as their co-lending partner, and are thankful to the Bank for their trust."

He added, in India where approx 62% of the population is living in the rural areas, we have the opportunity to serve them with this co-origination arrangement with Bank. This Paisalo's arrangement with Bank benefited the priority sector borrowers by way of easy access to credit at lower rates, given a single blended interest rate, and with this we are aiming for partnering with the people in the growth journey of their business and help them contribute to maximum job creation.

Santanu Agarwal, Chief Innovation Officer at PAISALO said, "We at PAISALO, acknowledge the constructive disruption technology has brought in the lending space, a strong technology backbone and foundation is now a solvency factor rather than a standout. PAISALO uses technology as a stepping stone to evolve and grow business effectively and efficiently. With PAISALO focusing on ease and customer centric growth using technology and digitization becoming the new competitive edge factor, our focus has been to digitally transform the business of PAISALO as well as provide a technological solution so simple, effective and efficient that it makes the customer experience unique, robust and trustworthy. Over the last two years several initiatives have been undertaken to implement robust, scalable and trustworthy technological architecture. These initiatives will drive PAISALO efficiencies and provide a seamless and easy experience to the borrowers and fulfill our aim to be AVAILABLE - AWARE - AFFORDABLE."

Shares of Paisalo Digital Ltd was last trading in BSE at Rs.385 as compared to the previous close of Rs. 382.85. The total number of shares traded during the day was 69845 in over 309 trades.

The stock hit an intraday high of Rs. 390 and intraday low of 370. The net turnover during the day was Rs. 26973288.

Shares of BANK OF MAHARASHTRA was last trading in BSE at Rs.12 as compared to the previous close of Rs. 11.88. The total number of shares traded during the day was 174852 in over 375 trades.

The stock hit an intraday high of Rs. 12.25 and intraday low of 11.91. The net turnover during the day was Rs. 2103410.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

IndiGo to enable faster ground operations and reduce aircraft turn-around time with WheelTug Systems

Tech Mahindra Recognized as Global Leader on Climate Change for Four Years in a Row

IndiGo announces its international sale starting at INR 3499

NIIT Ltd to merge businesses of two subsidiaries with itself

Mahanagar Gas Ltd board to consider interim dividend on Feb 26, 2020

STL starts 2020 with Rs. 1500cr new order booking

Infibeam Avenues Expands its Digital Payments Business to USA

Lumax Auto Technologies Ltd Board declares interim dividend of Rs. 2 for 2019-20

Vinati Organics Ltd Board to consider Interim Dividend on Mar 2, 2020

NIIT Ltd Board approves interim dividend of Rs. 8 for 2019-20

PSP Projects Ltd bags award at the ICI-UltraTech Outstanding Structure Awards, 2020

Asian Paints Ltd board to consider 2nd interim dividend on Feb 25, 2020

Havells launches Carnesia-I, India's first intelligent ceiling fan with smart mode

NELCO Partners with Panasonic Avionics to Launch Aero In-Flight Communication Service in India

aafaq Islamic Finance is Now Powered by Infosys Finacle Digital Banking Suite

TCS Ranked as the #1 Life Sciences Service Provider by HFS

ICRA updates on ratings of Indotech Transformers Limited

Jindal Stainless Limited advances digitization level for AOD converter

Trigyn Awarded - Ontario Education Collaborative Marketplace (OECM) - IT Technical Resource Augmentation Services Contract

ARSS Infrastructure Projects Limited receives new work order from Rail Vikas Nigam Ltd

Aarohan Social Innovation Awards Announces the Winners of 2019

Zensar's Digital Foundation Services (DFS) to help enterprises navigate challenges of Enterprise 4.0 era

Radio City & mid-day's Hitlist Web Awards to Celebrate India's Binge List

Telangana State and MedTechConnect launch Project Tej

Man Industries India Ltd receives new export order from MENA region

Indag Rubber Limited board declares 2nd interim dividend of Rs. 1.50 for 2019-20

MAS Financial Services Ltd Board approves dividend of Rs. 6 for 2019-20

CBX-O launched to empower the customers with improved data analysis and automation for delivery of smarter & faster decisions

Dilip Buildcon JV receives completion certificate for project of Northern Coalfields ltd

Confidence Petroleum India Limited's subsidiary starts new bottling plant

Kotak Mahindra Bank receives RBI approval for dilution of promoters' shareholding

Aurobindo Pharma Ltd receives VAI status from USFDA for its General Injectable Unit

Banque Saudi Fransi Selects TCS BaNCS™ Global Banking Platform to Enhance Customer Experience

Infosys Partners with GE Appliances to Enable Digital and Workplace Transformation

Cyberinc Expands North American Channel Program, Adding Tech Data as a Principal Distributor of the Isla Isolation Platform

HCL Technologies to Launch Global Delivery Center in Hartford, Connecticut with Anchor Client, Stanley Black & Decker

Bharat Forge Ltd board to consider interim dividend on Feb 21, 2020

ICRA downgrades longterm rating of GE T&D India Ltd

Tata Coffee Ltd has sold 1,59,850 shares of Tata Chemicals Ltd

Manappuram Finance Ltd board to consider interim dividend on Feb 27, 2020

Tata Power rooftop solar solutions now available in 70 cities

Tata Consumer Products Limited has sold 7,05,522 shares of Tata Chemicals Ltd

ABM Knowledgeware Limited board declares interim dividend of Rs. 1.25

Thomas Cook India announces its 'Grand India Holiday Sale' with a range of attractive offers

Application made against K P Energy Ltd in NCLT

HGS Named a Leader in NelsonHall's NEAT Evaluation for CX Improvement Capability

Maruti Suzuki launches the All New IGNIS

Brickwork Ratings downgrades rating of Siti Networks Ltd to default category

CRISIL updates on ratings of IDFC First Bank Ltd

Carborundum Universal Ltd board to consider interim dividend on Feb 26, 2020

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019