CREDAI, IPPB ink pact to Open Bank Accounts for Construction Workers

On the lines of the labour welfare initiatives by the Central Government, the Confederation of Real Estate Developers’ Associations of India (CREDAI) has inked memorandum of understanding (MoU) with Indian Payments and Postal Bank (IPPB) to facilitate opening of bank accounts for construction workers.

• This MoU will ensure accessible financial services for construction workers along with financial literacy and digital inclusion.

Key Points:

–The aim of the pact is to cover around 10 lakh workers in a year from around current 3 crore workers engaged in construction activities across real estate projects.

–This program will be implemented in coordination with contractors.

Recent Related News:

i.On January 12, 2021, IPPB has collaborated with the leading payment processor and provider of integrated payment products, Financial Software and Systems (FSS) to promote Financial Inclusion in underserved and unbanked segments of India.

ii.The Union Cabinet, chaired by Prime Minister Narendra Modi approved the signing of a Memorandum of Cooperation (MoC) between the Indian and Japan that pertains to sending Indian “Specified Skilled Worker” to Japan.

About Confederation of Real Estate Developers’ Associations of India (CREDAI):

Establishment– 1999
Chairman– Jaxay Shah
Headquarter– New Delhi

About India Post Payments Bank (IPPB):

Establishment– 2018
Director and Chairman– Pradipta Kumar Bisoi
Tagline– Aapka Bank, Aapke Dwaar