On January 14, 2021, Industrial Credit and Investment Corporation of India (ICICI) Bank collaborated with Niyo, a new age fintech to issue prepaid cards namely ”ICICI Bank Niyo Bharat Payroll Card” to the blue-collar workers of Micro, Small & Medium Enterprises (MSMEs).
- This will enable MSMEs to upload the salaries of their workers on the card, which the workers can then utilise as per their need.
- The card also allows an individual to receive funds upto 1 lakh into the card account.
- The cardholders also get a free accidental death insurance cover.
Key Points:
–This partnership is on the lines of Niyo’s mission to reach 5 million blue-collar workers in the next 5 years with its flagship product Niyo Bharat.
–Niyo Bharat currently has over 1.7 million customers and relationships with over 7000 corporates, adding nearly 5000 customers every day.
–Workers can use the card to withdraw funds at ATMs (automated teller machine), make online transactions on e-commerce portals and make payment at Point of Sale (PoS) machines.
–Niyo also offers a multilingual app called ‘Niyo Bharat Mobile app’ which enable workers to transfer funds, pay bills or do recharges online along with the facility of blocking/unblocking the card.
Recent Related News:
i.ICICI Bank won the mandate to be the designated financial institution for all monetary transactions under National Health Mission (NHM) in West Bengal (WB) as it quoted the lowest bid.
ii.On December 14, 2020 Aceware in association with ICICI Bank launched ‘AceMoney Micro ATM (Automated Teller Machine) service’ in Kochi, Kerala. This service will enable people to withdraw money from their bank account from home. The customers of all banks can avail this service.
About ICICI Bank:
Headquarters– Mumbai, Maharashtra
Managing Director (MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Incorporated-1994
About Niyo:
Chief Executive Officer– Vinay Bagri
Corporate offices– Bengaluru (Karnataka), Mumbai (Maharashtra) and Delhi
