PayNearby launches JobsNearby to address the issue of migrants’ job losses – Partnering with banks, NGOs, global foundations and other aggregators for placements
▪ Aims to combat burgeoning issue of daily earnings and jobs loss of thousands of migrant workers across the country
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▪ Company is in discussions with banks, NGOs, global foundations and other aggregators
▪ Approximately 7-8 crore of migrant workers have moved back to base towns
▪ Pre-lockdown remittances which accounted for ₹ 1500 – ₹ 2000 crore each month for the organization, and around ₹ 10000 crore for the entire industry have seen a decline of more than 80%, reflecting loss of earnings for this segment.
Mumbai, 30th April: PayNearby, India’s largest hyperlocal fintech startup network has launched JobsNearby, an assisted job registry that will help migrant workers who have been affected by the pandemic lockdown to seek gainful employment. The company has decided to announce the initiative on 01st May, which also happens to be the ‘International Worker’s Day’. Through its vast network of more than 9 lakh retail touchpoints, spread across 17,000 plus PIN codes in the country, the company wishes to create a platform where out-of-job workers can register themselves and find suitable placement. On the supply side, the company has identified and tied up with multiple partners, including banks, NGOs, global foundations and other aggregators, where registered workers can then be placed.
Leveraging the company’s widespread presence across 17,000+ PIN codes across the country, the banking retail agents today are an important part of the rural and urban-interior value chain, providing easy cash withdrawals and access to DBT and relief packages for the masses. Since these retail outlets are already the port of call for these workers for their banking requirements, they form an important touchpoint to reach out to these afflicted segments and ensure a path is created for them to get back to economy.
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The company is fast rolling out plans and are in discussions with various banks, NGOs, global foundations and other aggregators involved in job provisioning so the data can be disseminated through credible sources to the demand side of employers.
A huge chunk of the migrant population, having lost their jobs, have moved back home or are living a very difficult existence right now. This is reflected in the decline in domestic remittances, which from a monthly run rate of ₹ 1500 – ₹ 2000 crore for PayNearby, and approximately ₹ 10000 crore for the entire industry have dropped to 10-15% of that amount. About 7-8 crore workers have been severely hit. The current lockdown scenario has impacted industries and people everywhere, but it is particularly the poor who have been hit the hardest, as the worrisome trend of job losses becomes pervasive across sectors, especially in urban areas. Fear has gripped industries worldwide, especially small businesses that may shut down in 3-6 months due to lack of sufficient resources. With the economy coming to a grinding halt, shared resource industries like entertainment, malls, fun parks, restaurants and delivery among others, have seen a mega dip in retailing itself and therefore deployment of resources.
On International Worker’s Day, with the aim of addressing this burgeoning issue, PayNearby is planning to launch JobsNearby. Through their impressive business correspondent network, the company is already in contact with thousands of these migrant workers who have lost their jobs. In the process of enabling DBT access to these workers, the company realized the severity of the situation and the stark need to address the sam
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Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “Our company has always strived to bridge the urban-rural divide and level the playing ground – whether it is by providing financial services to the unbanked and underbanked, or by fulfilling our national duty in current times by ensuring timely and secure relief packages to the underprivileged sections of society. Once again, through our Digital Pradhan network, we will evolve and work tirelessly to bring the migrant workers back on their feet. With JobsNearby, we hope to ensure that these workers and their families are not left bereft and can regain their dignity and livelihood. Through our wholesome database, we hope to provide these workers with an opportunity to rebuild their lives, without having to compromise on their skills.”
The company aims to aggregate a wholesome database and reach out to these people by helping them register through its network. Job seekers will register for various kinds of job roles that were available earlier besides other roles that can be accommodated as per their skill set, also allowing them to select a location as per their choice. These job data points will then be collated and sent to job supplier agent networks and employers. This unique initiative is an attempt to create a platform that is apt for blue collar migrant workers in urban areas.
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About Nearby Technologies Pvt. Ltd.:
Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, Insure Nearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.
It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech startup, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).