Union Bank MSME RuPay Credit Card
On February 25, 2022, the Union Bank of India (UBI) launched “Union MSME RuPay Credit Card” in association with National Payments Corporation of India (NPCI).
- The “Union MSME RuPay Credit Card” was launched to meet business related operational expenses of Micro, Small & Medium Enterprises (MSMEs).
- The Card comes with interest free credit up to 50 days.
- Dedicated card for MSMEs is available to eligible borrowers of Union Bank of India.
- It also offers EMI facility for the customers on their business-related purchases.
- On this card, MSMEs will get specially curated business services. It will help MSMEs in taking their business on most of the digital platforms.
Insurance Coverage for MSME customers
On this card, MSME customers will get accidental insurance coverage of up to Rs 10 lakh. They will also get domestic airport lounge access of 2 per quarter and other rewards. Card will also help in improving digital delivery channel in servicing MSME clientele. It will also help in reducing demand for cash withdrawal by MSMEs for business expenses, apart from simplifying their payment mechanism.
Union Bank of India (UBI)
UBI is an Indian government-owned bank, having 120+ million customers and a total business of USD 106 billion. This bank came into effect on April 1, 2020, after amalgamation with Corporation Bank and Andhra Bank. The amalgamated bank became the fifth largest PSU bank, with respect to branch network of 9500. Four of these branches are located in Hong Kong, Dubai, Sydney and Antwerp. It also has representative offices at Beijing, Shanghai, and Abu Dhabi. UBI is also operating in United Kingdom through its wholly owned subsidiary called “Union Bank of India (UK)”.
National Payments Corporation of India (NPCI)
NPCI is the specialised division of Reserve Bank of India, under the jurisdiction of Ministry of Finance. It was created by RBI to operate retail payments and settlement systems across India.
Category: Economy & Banking Current Affairs - 2022
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