In recent years, AGRI and Allied AGRI have come out and blossomed to become great leaders and have set new heights of growth and progress for society in general. There still is a lot of room for growth and success for this very talented population. With the right amount of support, we can aim to have many AGRI, Allied AGRI, and women leaders in the near future. To contribute to this vision of empowering the AGRI and Allied AGRI, Paisalo Digital Limited signed a co-lending loan agreement with the UCO Bank today. This agreement is in conformity with the latest RBI circular on co-lending of loans as released on 05 November 2020.
UCO Bank-Paisalo's co-lending platform will leverage UCO Bank’s low cost of funds on the liability side and Paisalo’s origination, rule engine, and underwriting capabilities on the asset side, with the help of Paisalo’s digital platform for sourcing, servicing and recovery of these income generation priority sector loans.
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Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited says, “Paisalo sees a huge opportunity and is well-positioned to capitalize on the huge Rs. 8 lakh crore market of small-ticket loans for our 365 million underbanked and under-serviced population. UCO Bank and Paisalo co-lending product is a big step towards Paisalo’s goal of creating the most competitive and seamless banking solution for India's Bottom of Pyramid Population.”
Speaking on the occasion Mr. Soma Sankara Prasad, MD & CEO of UCO Bank says, “co-lending arrangement is one of the new avenues of lending. The tie-up will give a boost to the agriculture advance of the Bank and it is a win-win situation for the bank as well as NBFC with benefit reaching to those at the bottom of the society.”
Executive Director Ishraq Ali Khan expressed that this is a great beginning for UCO Bank under the agriculture segment through a co-lending arrangement.
About Paisalo Digital Limited:
PAISALO DIGITAL LIMITED (BSE: PAISALO | NSE: PAISALO | BLOOMBERG: PAISALO: IN | ISIN:INE420C01042) is a leading Systemically Important Non-Deposit taking NBFC registered with the Reserve Bank of India.
PAISALO is at the forefront of digital lending, a well-governed, listed Fintech player with a strong distribution network in rural and semi-urban parts of India. The company is a leader in seamless credit distribution, services, and management of small-ticket loans in a Co-Lending tie-up with SBI, BOB, and PNB; with the objective of promoting rural development, self-employment, and women empowerment. PAISALO offers income-generating unsecured loans from INR 10,000 to 3,00,000 through the Individual and Joint lending model provided to entrepreneurs under Priority Sector Lending. The company has served over 1,500,000 borrowers.
About UCO Bank:
Founded on 6th January 1943 by Mr. G.D. Birla, UCO Bank is a commercial bank and Government of India Undertaking. The Bank serves its huge global customer base of over 3074 branches. UCO Bank, with years of dedicated service to the Nation through active financial participation in all segments of the economy- Agriculture, Industry, Trade & Commerce, Service Sector, etc. UCO Bank has marched into the 21st century matched with dynamism and growth.
Speaking on the occasion Mr. Soma Sankara Prasad, MD & CEO of UCO Bank says, “co-lending arrangement is one of the new avenues of lending. The tie-up will give a boost to the agriculture advance of the Bank and it is a win-win situation for the bank as well as NBFC with benefit reaching to those at the bottom of the society.”
Executive Director Ishraq Ali Khan expressed that this is a great beginning for UCO Bank under the agriculture segment through a co-lending arrangement.
About Paisalo Digital Limited:
PAISALO DIGITAL LIMITED (BSE: PAISALO | NSE: PAISALO | BLOOMBERG: PAISALO: IN | ISIN:INE420C01042) is a leading Systemically Important Non-Deposit taking NBFC registered with the Reserve Bank of India.
PAISALO is at the forefront of digital lending, a well-governed, listed Fintech player with a strong distribution network in rural and semi-urban parts of India. The company is a leader in seamless credit distribution, services, and management of small-ticket loans in a Co-Lending tie-up with SBI, BOB, and PNB; with the objective of promoting rural development, self-employment, and women empowerment. PAISALO offers income-generating unsecured loans from INR 10,000 to 3,00,000 through the Individual and Joint lending model provided to entrepreneurs under Priority Sector Lending. The company has served over 1,500,000 borrowers.
About UCO Bank:
Founded on 6th January 1943 by Mr. G.D. Birla, UCO Bank is a commercial bank and Government of India Undertaking. The Bank serves its huge global customer base of over 3074 branches. UCO Bank, with years of dedicated service to the Nation through active financial participation in all segments of the economy- Agriculture, Industry, Trade & Commerce, Service Sector, etc. UCO Bank has marched into the 21st century matched with dynamism and growth.
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