New Delhi, April 7 -- HSBC, along with the National Bank for Agriculture and Rural Development (NABARD), has made an investment in digital credit infrastructure company Online PSB Loans Ltd, aiming to digitize lending processes, deepen financial inclusion, and improve access to credit for underserved and rural communities in India.
According to people familiar with the matter, the size of the deal is Rs 75 crore.
OPL's existing shareholders include the Small Industries Development Bank of India (SIDBI), State Bank of India, Bank of Baroda, Punjab National Bank, Mudra, SBI Cards and Payment Services, BOB Capital Markets, Indian Bank, HDFC Bank, and TransUnion. With this new investment, NABARD and HSBC have joined the consortium.
"With NABARD's expertise in rural digitization and HSBC's global financial acumen, this partnership will accelerate innovation, enhance credit accessibility, and transform the lending ecosystem," a spokesperson from OPL said in a note.
OPL aims to integrate advanced technologies to automate and digitize the lending process for borrowers and lenders. The company utilizes artificial intelligence and machine learning-based algorithms to develop credit products and provide fintech solutions to credit institutions. The platform also offers insights to lenders, enabling faster credit decision-making.
Further, OPL provides white-label credit solutions to banks, corporates, and financial institutions, helping them simplify and optimize their credit operations. It operates PSB Loans, a digital lending platform, and JanSamarth, a national portal for credit-linked government schemes, among others.
Published by HT Digital Content Services with permission from VC Circle.