Paisalo Digital Limited has released the Business Responsibility and Sustainability Report (BRSR) for the period 2023-24, reflecting its concern for responsible governance, sustainable growth, and social responsibility. As the leading non-banking financial company (NBFC) in India, Paisalo is deeply committed to servicing the financially underserved and understands the importance of adhering to the highest standards of corporate governance.
Paisalo Digital Limited was incorporated in 1992 and was one of the pivotal players in India’s financial ecosystem. It predominantly provides credit facilities to small-scale businesses, MSMEs, and vehicles, especially in rural and semi-urban areas. The company is committed to bringing about financial inclusion and contributing toward the economic upliftment of the less privileged sections of society.
Some of the important initiatives undertaken by Paisalo to ensure sustainability and social responsibility feature in the BRSR report for 2023-24. Financial inclusion is the prime factor among the major aspects of the report. Accordingly, Paisalo successfully extended loans to more than 4.3 million customers, with much importance accorded to rural and semi-urban regions. The loan products it offers are differentiated according to the peculiar needs of these communities, with a clear objective of helping them generate income for sustainability.
Apart from financial inclusions, Paisalo is committed to environmental sustainability. The company has invested in technologies and processes that have helped reduce the environmental footprint. The initiatives include encouraging electric vehicle use by facilitating lending products for such vehicles. By financing electric vehicles, Paisalo is essentially reducing carbon emissions and helping India move toward a greener economy.
The other major concern of Paisalo relates to corporate governance. In this direction, the company has set and follows proper guidelines on anti-corruption, data security, and transparency in its operational works. The policies are reviewed by the Board of Directors and senior management team for their compliance with national guidelines and international best practices.
Pasig also cares about the wellbeing of its employees. The company provides its employees with various welfare benefits, such as health insurance, accident insurance, and maternity and paternity leave. In addition, Paisalo regularly conducts training programs on enhancing employee skills and maintaining a safe and healthy work environment. It especially addresses the gender diversity concerns that have arisen, with 3.2% of women in the workforce.
At Paisalo, the commitment towards social responsibility has permeated down to involvement with the community at large. The company has undertaken numerous initiatives as its CSR policy that would cover education, healthcare, and skill development of underprivileged sections of society. This is in line with the goals of the company: growth for all and equitable development.
Conclusion
The 2023-24 BRSR report of Paisalo Digital Limited further epitomizes its relentless commitment to sustainability, ethical governance, and social responsibility. The blending of financial inclusion with environmental sustainability and employee welfare sets Paisalo as the benchmark for every other company within the financial services sector. Accordingly, the company works to achieve continuous development by creating long-term values for stakeholders while actively contributing to economic and social development in India.
Source: BRSR
Credit: Paisalo Digital Limited