Minister of MSMEs launched Union MSME RuPay credit card

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New Delhi: Union Minister for Micro, Small and Medium Enterprises, Shri Narayan Rane today launched Union MSME RuPay credit card from Union Bank of India in Sindhudurg during the two-day MSME Conclave being held today in the district. The card is offered by 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 such as anytime digital payments, an interest-free period, and will carry an interest rate similar to the rate charged for loans. MSME borrowers will be able to benefit from an interest-free credit period of up to 50 days on their business expenses. The card also offers EMI facility to customers for their business related purchases. MSMEs will also benefit from specially selected efficient business services on this card, which will help them to grow their business on most digital platforms.

The RuPay credit card will simplify and speed up the payment mechanism for MSMEs while enabling banks to monitor transactions at a 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 offered by NPCI on RuPay cards. In addition to 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 selected MSME entrepreneurs.

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