To tide over the challenges to meet business-related expenses by MSMEs, Union Bank of India and the National Payments Corporation of India (NPCI) have jointly launched a credit card for the borrowers, offering interest-free credit for up to 50 days.
The 'Union MSME RuPay Credit Card' is a new digital payment tool available to the MSME customers of Union Bank of India for meeting their business-related operational expenses with interest-free credit for up to 50 days. The credit card will provide a simplified payment mechanism to MSMEs (micro, small and medium enterprises) to meet their business-related operational expenses.
Among others, the card also offers the EMI facility to the customers on their business-related purchases. MSMEs will also get specially curated efficient business services on this card, which will help them in taking their business on most of the digital platforms. Additionally, they will also be benefitted in the form of accidental insurance coverage of up to Rs 10 lakh, domestic airport lounge access of two times per quarter, and other rewards using this card. This credit card will reduce the demand for cash withdrawal by MSME for business expenses besides simplifying their payment mechanism.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
