Airtel Payment Bank Launches Suraksha Salary Account To Offer Financial Security To MSMEs

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To aid small and medium enterprises (SMEs), Airtel Payments Bank has announced the launch of the Suraksha Salary Account. The development comes after the government announced relaxed in the lockdown.

 

Airtel Payment Bank Launches Suraksha Salary Account

"The initiative will enable MSMEs and other organizations to make cashless payments and provide financial security cover to their employees," Airtel said. It is worth mentioning that the MSMEs sector is contributing 29 percent to India's GDP.

"These units employ a large number of informal labor force who are not eligible for social and healthcare benefits as part of their salaries. The lack of any financial protection makes them highly vulnerable, particularly in the current times," Airtel added.

Here Are Some Benefits That MSME Sector Will Get Under This Initiative

Under this Suraksha Salary Account, Medium, and Small Medium Enterprises will get Hospicash Insurance, where Airtel is offering a fixed cover of Rs. 400 per day for 10 days. Besides, the company is providing all COVID-19 charges.

Secondly, it covers the free accidental insurance cover of Rs. 1,00,000. Airtel is also providing easy withdrawals which allow MSMEs to withdraw money from 50,000 banks. In addition, the benefits include no minimum balance condition.

Apart from that, MSMEs customers can withdraw money up to Rs. 50,000 without any charge. Also, they can deposit up to Rs. 20,000. In fact, Airtel allows them to withdraw money without any card. This benefit allows them to transfer money online.

Airtel Payment Bank Ties Up With MasterCard

Recently, Airtel has joined hands with MasterCard to offer financial services to farmers and small retailers. Under this partnership, both companies are developing financial tools for these sectors. The partnership will update about new technologies, along with new markets.

 

"These solutions will enable them to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit," Porush Singh, Division President, South Asia, MasterCard said.

On the other hand, Airtel and MasterCard will develop card solutions for retailers and their customers, including Near Field Communication, where it ships contactless payment options.

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