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Union Bank ties up with NPCI to Launch RuPay Credit Card for MSME Borrowers
Published On: 07 Mar 2022
Union Bank of India, in partnership with the National Payments Corporation of India (NPCI) launched a new RuPay credit card for MSME customers. The ‘Union MSME RuPay Credit Card’ could be used by Micro, Small & Medium Enterprises (MSMEs) as a “digital payment tool for meeting their Business-related operational expenses.” The card was launched on February 25, 2022, in the presence of Union Minister of Micro, Small & Medium Enterprises (MSMEs), Mr. Narayan Rane in Sindhudurg district during the two-day MSME Conclave.
As per the bank’s official press release, the card was launched “with an aim to provide digital delivery of Finance to Micro, Small & Medium Enterprises (MSMEs) in the current phase of progression towards a digital economy”. Mr. Rajkiran Rai G, Managing Director & CEO, Union Bank of India expressed, “Union Bank of India prides in understanding the unique needs of this segment, bringing products as per their requirements. The Union MSME RuPay Credit Card, a first of its kind in the industry, addresses a long felt need of easy credit appraisal without dilution of risk standards.” The sentiment was shared by M. Nidhu Saxena, Executive Director, Union Bank of India, who added “With the newly launched Credit Card facility coupled with the regular working capital limits, MSMEs can reap the benefits of best in class products being made available to them by the Bank.”
NPCI COO, Ms Praveena Rai commented on the occasion, “We are pleased to partner with Union Bank of India to launch Union MSME RuPay Credit Card. We believe this initiative will digitally empower MSMEs and help them streamline their regular business expenditure and finances”. She also expressed excitement on the fact that RuPay portfolio is now not only restricted to retailers but is also expanding to business users.
Key Highlights of the Union MSME RuPay Credit Card:
Interest-free credit period of upto 50 days
EMI facility on business-related purchases
Accidental insurance coverage of upto Rs.10 Lacs
Domestic airport lounge access of 2 per quarter
The first batch of the credit card was distributed by Mr. Narayan Rane to select Union Bank MSME customers at the conclave.
