Paisalo Digital Expands Banking-as-a-Service Platform with Indian Overseas Bank Partnership
New Delhi, March 25, 2026 – Paisalo Digital Limited, a digitally-enabled NBFC focused on inclusive lending, announced today its appointment as a Business Correspondent (BC) partner for Indian Overseas Bank (IOB). This partnership expands Paisalo’s Banking-as-a-Service (BaaS) platform, adding to its existing collaborations with State Bank of India (SBI) and Bank of India (BOI).Paisalo's BC network facilitates essential banking services including account opening, deposits and withdrawals, remittances, and access to social security schemes for underserved and underbanked communities across rural and semi-urban India.
Strategic Rationale
The partnership with Indian Overseas Bank supports Paisalo’s long-term strategy by enhancing its position as a bank-agnostic BaaS partner, enabling capital-light scalability, and strengthening customer lifecycle monetization.According to Santanu Agarwal, Deputy Managing Director of Paisalo Digital Limited, “Our appointment as Business Correspondent for Indian Overseas Bank represents a strategic progression of our multi-bank Banking-as-a-Service platform. The addition of Indian Overseas Bank strengthens the durability of this franchise and enhances our ability to participate meaningfully in customers’ evolving financial needs."
Paisalo Digital Limited operates a network of 4,872 touch points across 22 states & UTs in India and is listed on the BSE (532900) and NSE (PAISALO).
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