OneBanc plans to expand payroll banking services to public sector

Neo-banking company, OneBanc Technologies, plans to expand its payroll banking services to the public sector. The company said its AI-driven technology will help increase PSU employees’ in-hand pay by up to Rs 80,000 per annum.

The company -- backed by VCs like Info Edge Ventures, Leo Capital, and Saison Capital -- said that over 100 corporate partners have partnered with OneBanc to improve compliance standards, increase employee engagement, and increase productivity.

“In our meetings with the PSU leaders, it was immediately apparent that increasing engagement and developing a positive employer brand were among the top three three priorities for them. Seeing early traction expedited our plans to get into the PSU market. We aim to sign ten PSUs in the next 12 months. We are committed to investing $50 million in the segment and are tracking the PNL separately,” said Sameer Nagpal, Co-founder, OneBanc.

“Government employees are under a lot of strain in terms of workload and personal finances. In this sector, financial literacy amongst employees is lacking. The only way to solve this problem at scale is to leverage technology.” Retd. Maj Gen Alok Raj, Lead - Public Sector Initiatives, OneBanc said.

OneBanc partners with companies to improve compliance, and increase employee engagement, and productivity. The white-collar professional banking sector in India is valued at $87 billion and is projected to grow at a CAGR of 12 per cent.