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Neo-bank Niyo, NPCI partner for financial inclusion of 5 mn blue-collar workers by 2022

Vinay Bagri

Neo-bank Niyo has tied-up with National Payments Corporation of India (NPCI) for the financial inclusion of over five million blue-collared by 2022 in a bid to further deepen digital transactions. Niyo’s new-age payroll salary solution Niyo Bharat offers a salary account for blue-collar employees, making salary management more convenient, hassle-free and safe for this segment of workers.

Through the partnership, NPCI will allow these workers to use Rupay, a first-of-its-kind domestic payment network with wide acceptance at ATMs, POS devices and e-commerce websites across India. Thus, the Niyo Bharat-NPCI alliance will help regional and local banks across the country offer their services to the underserved segments.

Kunal Kalawatia, Chief of Marketing, NPCI said, “It is a great opportunity for us to cater to blue-collar workers in association with Niyo Bharat. 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 the vast unbanked population with technology innovation.”

“Niyo Bharat has seen significant growth since its inception and 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 labor 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,” said Niyo Co-founder and CEO Vinay Bagri.

The users can instantly open new zero-balance salary accounts,  at their work sites.  To ensure the safety of the highest order, there exists an option to lock/unlock/block the card using the Niyo Bharat mobile app. Its 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. To ensure better cash flow and to meet the emergency needs of the employees, it provides an Advance Salary feature too. The users can also invest in Mutual Funds and Digital Gold instruments starting from as low as INR 100.

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 150,000 customers.

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