Shares of Paisalo Digital hit a record high at Rs 930.50, up 5 per cent on the BSE in Tuesday’s intra-day trade after the company said it entered into a business correspondent agreement with state-owned banking giant State Bank of India (SBI) to provide services of business correspondent. The stock of the non-banking finance company surpassed its previous high of Rs 877 touched on March 1, 2021.
At 09:45 am; the stock was up 2.6 per cent at Rs 907.60 on the BSE, as compared to 0.1 per cent decline on the S&P BSE Sensex. In the past one month, the stock has zoomed 55 per cent, as against 7 per cent rise in the benchmark index. Meanwhile, SBI was trading 1.4 per cent higher at Rs 452.50, after hitting an intra-day high of Rs 455.70 on the BSE.
SBI on Monday, September 27, signed a Service Level Agreement (SLA) with Paisalo Digital as National Corporate Business Correspondent of the Bank for promoting financial inclusion by providing banking services through kiosks.
Towards this objective of promoting financial inclusion and increasing the outreach, Paisalo Digital shall extend its services and reach to the vast under serviced segments of the market, especially in semi urban and rural parts of India, the company said in a press release.
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 already up and running fully digital small loan business under SBI Paisalo Loan Co-origination, it added.
Paisalo’s main thrust is on small finance under ‘SBI-Paisalo Co-Origination of Loan Scheme’ to ensure rural development, self-employment and women-empowerment. The small credit division offers loans from Rs 10,000 to Rs 100,000 through the Individual and joint lending model providing unsecured loans to entrepreneurs under priority sector lending.
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