Current Affairs PDF

PayPoint India Signed pact with Banks, NBFCs for Lending Services

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

PayPoint India signs pact with banks, NBFCs for lending servicesPayPoint India, a technology-enabled distribution network of financial services, signed ‘lead generation agreements’ with 12 financial institutions viz, Punjab National Bank, ICICI Bank, Deutsche Bank, and Non-Banking Finance Companies (NBFCs) such as Bajaj Housing, Piramal Housing, and Hero Fincorp, among others.

  • Objective: To assist with loans to the underserved using technology, and to generate leads for housing, personal and business loans through the partnership with banks and NBFCs.
  • Under the agreement, PayPoint India will help the financial institutions to get access to the remote locations where they are unable to reach on their own, and provide capital.
  • As per RBI data, under the loan category of Rs 1-10 lakh, businesses have borrowed only around Rs 94,000 crore (low when compared with the GDP of India), hence PayPoint India intends to address the gap.

About PayPoint India’s Initiative:

i.Two other products such as a systematic investment-related investment plan and interoperable wallets (where cash can be loaded at retail touchpoints) were offered by PayPoint into its service.

ii.It has 40 million transactions per year and has covered around 7 million customers so far. It has the potential to grow at 40 percent Compound Annual Growth Rate (CAGR) in the next 3years.

iii.It also aims to increase its touchpoints to about 1.5 lakh in the next 3 years from the present 60,000.

Recent Related News:

PayPoint India made a partnership with Digit General Insurance to provide affordable COVID-19 Health Insurance policy to its customers in India’s underserved regions to improve insurance access and assist the rural people in recovering themselves from financial losses due to the COVID-19.

About PayPoint India:

Headquarters – Mumbai, Maharashtra
MD – Ketan C. Doshi