HDFC Bank launches GIGA, a suite of products and services for gig workers

HDFC Bank has launched a range of digital-first products and services designed for gig workers, called GIGA.

The gig economy encompasses a broad spectrum of workers, ranging from white-collar professionals such as management consultants and software programmers to grey-collar workers with specialised skills, and blue-collar and pink-collar workers such as delivery personnel and caregivers.

The products include a flexible savings account with investment options and insurance cover, business loans, car loans, two-wheeler loans and gold loans, business debit and credit cards with rewards and curated offers, exclusive deals on coworking spaces, upskilling, book-keeping, health and wellness, and health insurance starting at ₹20 a day. These are aimed at supporting freelancers' financial and lifestyle needs, providing a one-stop solution for their professional and personal requirements.

Also read: Urban Company is eyeing profits and an IPO. But gig workers are angry

Sunali Rohra, head of gig banking, startups and government and institutional business at HDFC Bank, told Mint on the sidelines of Global Fintech Fest in Mumbai, “Estimates suggest that there are about 30 million gig workers in India who are self-employed. Now when you actually look at access to credit, about 14% of the population has it. Our special suite of products under GIGA addresses the needs of this growing segment.”

Also read: On gig workers, Jack Kérouac and Karl Marx

“The bank conducted an in-depth consumer research study to understand the needs of freelancers, based on which it has launched GIGA – a digital-first programme offering a host of customised products and services to address the requirements of freelancers,” the HDFC Bank said in a press statement.

Surge in gig workers

There has been a significant surge in demand for gig workers in white-collar professions in recent years. A 2023 report by CIEL Group, a talent solutions provider, revealed that 55% of organisations have tapped the gig economy for their workforce needs. At some companies, gig workers now comprise up to 20% of the total workforce.

Also read | Only one in two Indian graduates unemployable: Economic Survey

This year’s Economic Survey said gig workers are expected to form 6.7% of the non-agricultural workforce, or 4.1% of the total livelihood in India, by 2029-30, while flagging concerns about effective social security measures for them.

“While the gig economy may open up employment opportunities for various sections of workers, including youth, persons with disabilities, and women, a significant issue in the Indian context and globally has been the creation of effective social security initiatives for gig and platform workers,” the survey noted.