Niyo Bharat, a fintech
platform which facilitates opening of zero balance salary accounts for blue-collar workers, is targetting a customer base of 50 lakh across the country in the next two years, an official said on Thursday.
Presently, it has 15 lakh customers and tied up with Yes Bank and DCB Bank for opening salary accounts, he said.
"We are now targetting the blue-collar workers of West Bengal for which Niyo has tied up with 59 corporates or employers in the state. We will help these employers open salary accounts for their workers with either of the two banks," Niyo Bharat's business head Darpan Sharma told reporters here.
He said the company offers prepaid cards, co-branded with both the banks, to the account holders, for banking transactions.
Sharma said the account holders would also be able to carry out financial transactions including payment of bills and availing small ticket loans through the Niyo Bharat app which is available in 10 languages.
The typical salary bracket for the targetted blue collar workers is Rs 8,000 to Rs 12,000 per month, he said.
Owned by Finnew Solutions Private Ltd, Niyo Bharat charges Rs 200 annually for each prepaid card holder, he said.
Sharma said the other business vertical of the company is Niyo Global Card, which is a rupee-denominated travel card for those going overseas.
The present customer base of Niyo Global Card is two lakh, which is expected to reach 10 lakh in two years, he added.
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