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 October 1, 2019 signed its co-origination loan agreement with the Bank of Baroda, the second largest public sector Bank in India. This is Company's third Co-origination Agreement with any Bank, before Bank of Baroda, PAISALO has already co-origination loan
tie-up with State Bank of India and Bank of Maharashtra.
Under this tie-up both the entities would jointly reach out to prospective customers and conduct due diligence for extending small ticket size, ranging Rs. 10,000, to Rs. 40,000, loans in India with special focus on Uttar Pradesh.
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 glad to share our association with BoB as co-lending partner, and are thankful to BoB's trust on us."
He added, Modi Government is committed to take benefit of cheaper loans to large unserved population of the country, Paisalo is confident to reach to door step of last mile borrower at very reasonable terms under these tie-up with BoB. Paisalo's arrangement with Banks 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. This also gives us a opportunity to be a part of Prime Minister's motto "Sabka Sath Sabka Vikash Sabka Vishwas".
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 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 BANK OF BARODA was last trading in BSE at Rs.91.25 as compared to the previous close of Rs. 93.05. The total number of shares traded during the day was 3058984 in over 8783 trades.
The stock hit an intraday high of Rs. 94.7 and intraday low of 85.7. The net turnover during the day was Rs. 277120543.
Shares of Paisalo Digital Ltd was last trading in BSE at Rs.411.15 as compared to the previous close of Rs. 410.15. The total number of shares traded during the day was 62232 in over 233 trades.
The stock hit an intraday high of Rs. 413 and intraday low of 401.7. The net turnover during the day was Rs. 25362365.