U GRO Capital today announced its partnership with SBM Bank India for the launch of ‘GRO Smart Business’ credit card, powered by RuPay, along with EnKash. These are a range of secured credit cards specially designed for underbanked micro, small and medium enterprises (MSMEs). These can be availed by the U GRO Capital borrowers against a fixed deposit with SBM Bank India.
According to U GRO Capital, the credit card will offer a gateway to Smart Banking and will help MSME entrepreneurs in solving multiple financial challenges such as meeting immediate expenses like purchases of equipment and supplies, manage vendor payments, make business utility bill payments, as well as managing reimbursements for travel and entertainment expenses of employees.
Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital stated, “We are elated to collaborate with SBM Bank India and launch this distinctive arrangement powered by the RuPay Network. The ‘GRO Smart Business’ Credit Card will allow our MSME customers to manage their urgent credit requirements and cash-flows effectively. MSMEs face a frequent need of urgent credit, catering to which becomes a challenge causing drastic cash flow disruptions. This arrangement will enable the businesses to tackle these situations effectively. We have been constantly exploring impactful solutions to support the revival and growth of the nation’s MSMEs. We believe this collaboration to be a significant initiative in the right direction.”
Neeraj Sinha, Head – Consumer & Retail Banking, SBM Bank India, said, “At SBM Bank India, we are committed to use the power of banking, technology and collaboration to create uniquely smart solutions. The launch of ‘GRO Smart Business’ credit card is in line with the same strategy. We are proud to partner U GRO Capital for the new product.”