New Delhi: Airtel Payments Bank on Monday offered ‘Security Pay Accounts’ specifically designed for Micro, Small and Medium Enterprises (MSMEs). There are more than 60 million units in MSME sector in India and they account for 29 percent of India’s GDP.
Airtel Payments Bank said in a statemen that these units use a large number of informal labor forces, which do not get social and health benefits along with salary. “The security pay account is specifically designed for these consumer groups,” the statement said.
Through this unique account, MSMEs and other organizations will be able to make cashless payments and also provide financial security to their employees. Insurance facility is also provided. The bank said in the statement that there is no condition of having any minimum amount in this account and account holders will be able to withdraw cash from Airtel Payments Bank’s five lakh banking centers across India.
