Karnataka Bank signs co-lending pact with Paisalo Digital Limited
The Hindu
MANGALURU
Karnataka Bank and Paisalo Digital Limited, a non-deposit taking Non Banking Financial Company (NBFC) registered with the Reserve Bank of India, have recently entered into a co-lending agreement to provide financial support to the small income segment and to give impetus to the Micro and Small Enterprises (MSEs) segment in the country.
Referring to the agreement, Mahabaleshwara M.S., Managing Director and Chief Executive Officer of the bank said in a release on Thursday: “Co-lending model is one of the innovative avenues of lending to priority sector. This tie-up shall create a dynamic synergy between the two sets of lenders, Paisalo Digital Limited and Karnataka Bank. As per Reserve Bank of India’s co-lending norms, this arrangement will help the bank in extending credit to the priority sector and promoting financial inclusion by providing necessary financial support to Micro Entrepreneurs.”
The release quoted Santanu Agarwal, Deputy Managing Director, Paisalo Digital Limited of having said: “Paisalo sees a huge opportunity and is well-positioned to capitalize on the huge ₹8 lakh crore market of small-ticket loans for India’s 365 million underbanked and under-serviced population. Karnataka 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.”
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