Niyo Co-founder and CEO Vinay Bagri said that the association with NPCI will boost successful financial inclusion for the blue-collar segment.
New-age payroll salary solution provider Niyo Bharat has joined hands with the National Payments Corporation of India (NPCI) to provide a quality salary management experience to blue-collar employees. Niyo and NPCI plan to reach out to five million employees by March 2022 as part of the initiative. Niyo Bharat offers salary account for blue-collar employees. Talking about the tie-up, Kunal Kalawatia, Chief of Marketing, NPCI said, that the partnership will facilitate workers with a bank account and empower them towards digital banking as well as financial security.
Niyo Co-founder and CEO Vinay Bagri said that the association with NPCI will boost successful financial inclusion for the blue-collar segment. Niyo aims to provide digital salary management, provide education on essential labour laws and secure financial solution opportunities to blue-collar workers.
The Niyo-NPCI tie-up will facilitate workers with a bank account, impart financial education and empower them towards digital banking as well as financial security. The blue-collar workers will be able to instantly open new accounts at their worksites and enjoy the liberty to maintain zero balance in their salary accounts without any charges being levied.
Niyo will provide an Advance Salary feature to workers to ensure better cash flow so that they can meet the emergency needs. As part of the tie-up, efforts will be made to inculcate the habit of disciplined savings by providing wealth products such as Mutual Funds and Digital Gold wherein investments can even be done in low denominations starting from Rs 1 and Mutual Funds starting as low as Rs 100.
Another product feature includes free accidental death insurance for every active customer.
Employees can instantly open new accounts at their worksites with zero balance facility.
There exists an option to lock/unlock/block the card using the Niyo Bharat mobile app.
The multilingual Niyo Bharat Mobile App has been tailor-made for blue-collar employees with a voiceover enabled feature to make salary management convenient by using it in their preferred local language.
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.