Airtel Payments Bank launches salary account for MSMEs

Mumbai: Airtel Payments Bank today announced a salary account for micro, small and medium enterprises (MSME).

Through the ‘Suraksha Salary’ account, MSMEs and other organisations will be able to make cashless payments and also provide financial security blanket to their employees. The benefits under the account include Hospicash Insurance and Personal Accidental insurance cover, given the low penetration of insurance in India.

The MSME workforce has been one of the worst affected during the nationwide lockdown. These units employ a large number of informal labour 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.