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Paisalo Digital Partners With IOB for Banking Services
25 Mar
Summary
- Paisalo Digital now a Business Correspondent for Indian Overseas Bank.
- This expands their Banking-as-a-Service platform to three public banks.
- The partnership aims to deliver last-mile banking services to rural areas.
Paisalo Digital Limited has been appointed as a Business Correspondent (BC) partner for Indian Overseas Bank (IOB), marking a significant expansion of its Banking-as-a-Service (BaaS) platform. This latest collaboration adds a third public-sector bank to Paisalo's extensive BC network.
Through this network, the Agra-headquartered Non-Banking Financial Company (NBFC) facilitates crucial last-mile banking services. These include account opening, deposit and withdrawal transactions, remittances, and the administration of social security schemes for individuals in rural and semi-urban communities. This move aligns with Paisalo's strategy for a capital-light growth model, enabling wider distribution without increasing balance-sheet risk.
The company currently operates 4,872 touch points across 22 Indian states and union territories. Santanu Agarwal, Deputy Managing Director, highlighted that the IOB appointment underscores the company's robust compliance and governance frameworks. He views the BC business as a vital long-term customer engagement franchise.
