Niyo ties up with NPCI for financial inclusion of 5M blue-collar employees by 2022

Bengaluru/Mumbai, February 27, 2020: Niyo Bharat, a new-age payroll salary solution for blue-collar employees, in association with National Payments Corporation of India (NPCI), has set off on a mission to revolutionize salary management experience of this segment, which has been historically underserved by financial institutions. In line with its mission, Niyo and NPCI announced their goal of reaching 5M blue-collar employees by March 2022. The move is aimed at fostering a less-cash economy among all segments of the society.

Niyo Bharat offers a salary account for blue-collar employees, making salary management more convenient, hassle-free and safe for this segment of workers. 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. Thus, the Niyo Bharat-NPCI alliance will help regional and local banks across the country offer their services to the underserved segments.

Mr. 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 vast unbanked population with technology innovation.”

Niyo Co-founder and CEO Vinay Bagri said, “Niyo Bharat has seen a 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 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. 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. 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. Niyo endeavours 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. 

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.

About Niyo:

Niyo is a new-age digital bank conceptualized in 2015, it currently operates in 2 major business lines : Niyo Bharat Payroll solutions provides modern salary account for India’s large blue-collar workforce and Niyo Global Card provides the best banking experience and offerings for global travelers.

Niyo operates out of corporate offices in Bangalore, Mumbai and Delhi, and has sales presence in more than 20 states and union territories, currently serving a customer base of around 1.5M end customers and 6,000 corporates. It employs 1000+ people.