Union Minister for Micro, Small & Medium Enterprises, Shri Narayan Rane today launched the Union MSME RuPay Credit Card of Union Bank of India in Sindhudurg at the two-day MSME Conclave being held in the district.
The card is being offered by the Union Bank of India in association with the National Payments Corporation of India (NPCI). It provides a simplified payment mechanism to MSMEs to meet their business-related operational expenses.
The RuPay Card offers benefits like any time digital payments, interest-free period and will carry an interest rate similar to the rate charged for loans. MSME borrowers will be able to enjoy an interest-free credit period of up to 50 days on their business spending. 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.
The RuPay Credit card will simplify and expedite the payment mechanism for MSMEs while enabling banks to monitor the transactions at the granular level. The Credit card will also reduce the demand for cash withdrawal by businesses due to the availability of the digital payment tool.
Other benefits include accidental insurance coverage, lounge access, and other rewards being offered by NPCI on RuPay cards. Besides this, the card offers a variety of additional features and business services for MSMEs.
During the MSME Conclave, the Union Minister distributed the first batch of RuPay cards to select MSME entrepreneurs.