Hyderabad, Feb 27 (GCBusiness) Niyo Bharat, a new-age payroll salary solution for blue-collar employees, on Thursday announced tied up with National Payments Corporation of India (NPCI), for financial inclusion of 5M blue-collar employees by March 2022.
The move is aimed at fostering a less-cash economy among all segments of the society, the company said in a release.
Niyo Bharat offers a salary account for blue-collar employees, making salary management more convenient, hassle-free and safe for this segment of workers while NPCI’s Rupay is a first-of-its-kind domestic payment network with wide acceptance at ATMs, POS devices and e-commerce websites across India.
NPCI Marketing Chief Mr. Kunal Kalawatia, said, this strategic partnership will facilitate workers in this segment with a bank account and empowering them towards digital banking as well as financial security. It’s our constant aim at NPCI to reach out to vast unbanked population with technology innovation.”
Niyo Co-founder and CEO Vinay Bagri said, our association with NPCI is the next step to create a successful financial inclusion for the blue-collar segment. Our main objective is to provide digital salary management, impart education on essential labour laws and provide secure financial solution opportunities to blue-collar workers. This will not only foster financial inclusion but also inculcate a long-term saving habit among them.
Employees can instantly open new accounts at their work sites and they enjoy the liberty to maintain zero balance in their salary accounts without any charges being levied.
To ensure safety of the highest order, there exists an option to lock/unlock/block the card using the Niyo Bharat mobile app.
The app also helps with other essential services such as free fund transfer, digital passbooks, in-app customer care. Another salient product feature includes free accidental death insurance for every active customer. Niyo Bharat today has over 6,000 corporations directly connected and over 15 lakh customers.