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PAISALO Bank Partnership

PAISALO DIGITAL LIMITED has been into serving under privileged and unbanked bottom of pyramid economic section rural population since its inception. To strengthen its ecosystem further Paisalo has taken new initiative to venture in to Business correspondence services for banks to develop its deep-rooted network to serve this targeted segment of weaker section and low-income group into rural territories of BHARAT
(Bharat being referred to under served rural potential of INDIA).

So, to serve this motive Paisalo Digital Limited has been allotted with National BC of SBI Bank and Uco Bank to appoint CSP’s on India’s biggest bank behalf in whole parts of India in 2021-22.

S/N RBI Data On Financial indicators 2019 2020
1 Number of ATMs per 100,000 adults 20.95 21.50 14.7 Bank Branch/Lakh Adult population
21 ATM/Lakh Adult population
Bank CSP impact post PMJDY launch-
2 Number of borrowers from all microfinance institutions per 1,000 adults 31.63 31.62
3 Number of commercial bank branches per 100,000 adults 14.58 14.74
4 Number of deposit accounts with commercial banks per 1,000 adults 1,967.61 2,030.71

DFS Data On Financial Inclusion

  • 46.3 Crore beneficiaries banked so far
  • ?172,848 Crore Balance in
  • beneficiary accounts
  • 6.55 lakh Bank Mitra’s (CSP) delivering branchless banking services in Sub-Service Areas (Data as on 30th Aug 2022)

csp

APPLY for CSP (Details)


What is financial inclusion and Customer Service Point (CSP)

The process of ensuring access to financial services, timely and in adequate way for vulnerable groups such as weaker sections and low-income groups at an affordable cost” is financial inclusion as whole. So Financial inclusion ensures that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. To cater these services Bank CSP (Customer Service Point) came into existence who provides financial services to banking deprived people in rural area which are unbanked or under served by banks at their doorstep. RBI vision for financial inclusion illustrated as below-