MSME RuPAY Credit Card- Phase 2
Union Minister for Micro, Small, and Medium Enterprises (MSMEs) launched the second phase of the MSME RuPay Credit Card with the National Payments Corporation of India (NPCI) and 4 banks- Kotak Mahindra Bank, Bank of Baroda, SBM Bank (India), and HDFC Bank.
What are the benefits offered by MSME RuPAY Credit Card to MSME borrowers?
- Anytime digital payments.
- 50 days interest-free credit period for MSME borrowers on their business spending.
- EMI facility on the business-related purchases of MSMEs.
Thus, the MSME RuPAY Credit Card provides a simplified payment mechanism for Micro, Small and Medium Enterprises (MSMEs) to meet their operational expenses.
How will MSME RuPAY Credit Card benefit banks?
Banks can monitor the transactions of MSME borrowers at a micro-level. With the availability of digital payments, the MSME RuPAY Credit Card will reduce the demand for cash withdrawal.
Can MSME RuPAY Credit Card be used for personal purposes?
The MSME RuPAY Credit Card cannot be used for personal purposes. Banks may prohibit the usage of this card on some Merchant codes like Gambling, Jewellery, etc. based on the activity of the borrower.
Who launched the RuPAY card?
National Payments Corporation of India (NPCI).
What are the cards offered by RuPAY?
RuPay offers debit cards, credit cards, prepaid cards, and government scheme cards.
What are the government scheme cards offered by RuPAY?
The government scheme cards offered by RuPAY include RuPay Mudra, RuPay Kisan credit card, RuPay PMJDY (Pradhan Mantri Jan-Dhan Yojana) card, etc.
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Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs