By joining forces with BOI, Paisalo Digital aims to leverage its respective strengths and resources synergistically, to tap into the vast market and address the unique financial requirements of India's unbanked population
FinTech BizNews Service
Mumbai, February 12, 2024: In a momentous step aimed at enhancing financial inclusion in India, Paisalo Digital Limited has partnered with the Bank of India (BOI) as its National Business Correspondent partner. The collaboration is underscored by formalizing a Service Level Agreement, establishing a strong alliance between the leading financial entities.
This partnership will enable Paisalo to extend essential banking services such as the enrollment of customers (Account Opening) through digital eKYC solutions, the opening of all Saving Accounts, Deposit / Withdrawal of money in an account of any bank (Interoperable Banking), Balance Enquiry / Mini Statement of Account and Social Security Scheme viz PMSBY (Pradhan Mantri Suraksha Bima Yojana), PMJJBY(Pradhan Mantri Jeevan Jyoti Bima Yojana) & APY (Atal Pension Yojana). This collaboration will also lead to self-employment generation and promise an inclusive financial ecosystem for the under-banked sections of society.
Commenting on the alliance with Bank of India, Mr. Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited, shares, “We at Paisalo Digital Limited are very optimistic and enthusiastic about this partnership. Our journey thus far, with 628 Customer Service Points (CSP) spanning 18 states in collaboration with SBI, has been one of growth and impact. We perceive this new collaboration as a momentous opportunity to further revolutionize the financial landscape and champion inclusive finance for all. By joining forces with BOI, we aim to leverage our respective strengths and resources synergistically, allowing us to tap into the vast market and address the unique financial requirements of India's unbanked population."
Through these accessible and inclusive financial solutions, Paisalo Digital has consistently aimed to bridge the gap between financial institutions and those traditionally underserved. This commitment creates avenues for economic growth and fosters social upliftment, aligning with the company's core mission.
