Current Affairs   »   ICICI Bank ties up with fintech...

ICICI Bank ties up with fintech Niyo to issue prepaid cards to MSMEs

ICICI Bank ties up with fintech Niyo to issue prepaid cards to MSMEs_50.1

ICICI Bank, a leading Indian private sector bank, and Niyo, a new age fintech company announced a tie-up to issue prepaid cards to Micro, Small and Medium Enterprises (MSMEs) workers. MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers.

Boost your Banking Awareness Knowledge with Adda247 Live Batch: TARGET GA BATCH | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams

Benefits include:

  • With this, MSMEs can upload the salaries of their workers on the card, which the workers can then utilise as per their need seamlessly.
  • These workers are mostly under-banked and are deprived of banking facilities.
  • The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds up to Rs 1 lakh into the card account. It offers convenience and safety of digital banking to the blue-collar workforce while providing a state-of-the-art salary disbursement solution to the employers.
  • Any MSME can tie-up with Niyo to avail of the prepaid card. After the tie-up, cards are issued to the workers at their workplace itself while their KYC verification is done simultaneously using a biometric device.
  • Once activated, workers can use the card to withdraw funds at ATMs, make online transactions on e-commerce portals and make payment by swiping the card at Point of Sale (PoS) machines.

Important takeaways for all competitive exams:

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

Find More Banking News Here

ICICI Bank ties up with fintech Niyo to issue prepaid cards to MSMEs_60.1

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *