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Union Minister for MSME launches Union Bank MSME RuPay Credit Card - (25 Feb 2022)


Union Minister for Micro, Small & Medium Enterprises, launched the Union MSME RuPay Credit Card of Union Bank of India. The card is being offered by Union Bank of India in association with National Payments Corporation of India (NPCI). It provides a simplified payment mechanism to MSMEs to meet their business-related operational expenses. Union Minister also announced the establishment of MSME-Technology Centre with an outlay of Rs. 200 Crore, in Sindhudurg. The MSME-Technology Centre will provide the best of technology, incubation as well as advisory support to the industry, especially MSMEs, to enhance their competitiveness and provide skilling services for the employed and unemployed youth of the area to enhance their employability.

The RuPay Card offers anytime digital payments, interest-free period and will carry 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 spends. 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 payment mechanism for MSMEs while enabling banks to monitor the transactions at granular level. The Credit card will also reduce the demand for cash withdrawal by the businesses due to 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 variety of additional features and business services for the MSMEs.


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