Airtel Payments Bank launches Suraksha Salary Account for MSME sector
Kolkata/IBNS: As India begins to open up following the COVID-19 lockdown, Airtel Payments Bank announced the launch of ‘Suraksha Salary Account’ - an innovative salary account, according to the bank, for the Micro, Small and Medium Enterprises (MSME).
India’s MSME sector, which is said to have over 60 million units and accounts for 29 per cent of India’s GDP, employs a large section of informal labor force who have scarce access to social and healthcare benefits.
Suraksha Salary account has been designed specifically for this consumer cohort.
Through this, MSMEs and other organizations will be able to make cashless payments and also provide a financial security blanket to their employees, according to the company.
Some of the benefits of the Suraksha Salary account according to the bank are Free Hospicash Insurance (in the event of hospitalization, the account holder would be entitled to a fixed cover of Rs 400/day up to a maximum of 10 days; the policy will cover COVID-19 as well and mitigate the impact on the account holder due to potential loss of pay and savings during hospitalization), free Accidental Insurance (where account holder also gets free of charge group accidental cover of Rs 1 lakh), Zero Minimum Balance, Easy Withdrawals, etc.
Anubrata Biswas, MD and CEO, Airtel Payments Bank said, “We are delighted to launch Suraksha Salary Account to serve the specific needs of the people employed in India’s MSME segment. We developed the Suraksha Salary Account to enable MSMEs to offer financial protection and formal banking experience to their employees. This innovative account is an important addition to our existing portfolio of customized products that are aimed at driving financial inclusion in the country.”
Airtel Payments Bank is India’s first Payments Bank that launched in January 2017, has over 40 million customers and over 500K banking points across the country.
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