Union Bank Launches “Union MSME RuPay Credit Card”

Union Bank of India, in association with National Payments Corporation of India (NPCI), today launched “Union MSME RuPay Credit Card” with the aim of providing digital financial services to Micro, Small and Medium Enterprises (MSMEs) in the current phase of progress towards a digital economy. The dedicated MSME card is available to eligible borrowers from Union Bank of India and will provide a simplified payment mechanism to MSMEs to meet their business-related operational expenses.

With the Union MSME RuPay credit card, MSME borrowers will be able to enjoy an interest-free credit period of up to 50 days on their business expenses. The card also provides 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. Moreover, they will also enjoy accidental insurance cover of up to Rs. 10 Lacs, access to domestic airport lounge of 2 per term and other rewards with this card.

Speaking on the occasion, Rajkiran Rai G, Managing Director and CEO of Union Bank of India said, “India has a wealth of entrepreneurial talent at the bottom of the pyramid with over sixty million micro-entrepreneurs. Union Bank of India prides itself on understanding the unique needs of this segment, offering products that meet their requirements. The Union MSME RuPay credit card, a first of its kind in the industry, addresses the long-felt need for easy credit reporting without diluting risk standards. Cash flow-based alternative underwriting in the digital ecosystem helps our MSMEs better manage cash while reducing reliance on cash in business operations.

Shri Nidhu Saxena, Executive Director, Union Bank of India, said, “To enhance the digital delivery channel in serving MSME customers in a tech-intensive economy, Union Bank of India, in partnership with NPCI, has launched the Union MSME credit card. With the new credit card facility coupled with regular working capital limits, MSMEs can take advantage of the best-in-class products made available to them by the Bank.

Ms. Praveena Rai, COO, NPCI, said, “We are delighted to partner with Union Bank of India to launch the Union MSME RuPay credit card. We believe this initiative will digitally empower MSMEs and help them streamline their regular business expenses and finances. MSMEs are

considered the backbone of the economy and we are confident that this card will bridge the existing credit gap in the MSME sector so that they can continue to contribute to economic growth. We are also excited to see the expansion of RuPay’s portfolio from retail users to business users. At NPCI, we are committed to providing a safe, seamless and enjoyable shopping experience for all of our RuPay users. »

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