CREDAI, IPPB ink pact to open bank accounts for construction workers

Realty developers’ body, the Confederation of Real Estate Developers’ Associations of India (CREDAI) has entered into a memorandum of understanding with Indian Payments and Postal Bank (IPPB) to facilitate opening of bank accounts for construction workers.

“This labour welfare initiative is aimed at ensuring financial literacy and digital inclusion of construction workers in the long run and would make financial services accessible to them, said Jaxay Shah, national chairman, CREDAI.

At present, around 3 crore workers are engaged in construction activities across real estate projects in the country. The pact aims to cover around 10 lakh workers under this initiative in a year.

All CREDAI chapters across various states will be covered under this agreement. The real estate developers’ body will coordinate with contractors to ensure effective implementation of this programme.