Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
20 September, 2021 20:33 IST
U GRO Capital partners with SBM Bank to launch credit cards
Source: IRIS | 08 Apr, 2021, 05.14PM
Rating: NAN / 5 stars.
Comments  |  Post Comment

   U GRO Capital, sector focused small business lending fintech platform, announced its partnership with SBM Bank India towards 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.

The credit card offers a gateway to #SmartBanking features to empower MSME entrepreneurs solve multiple financial challenges. These include 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. Further with the Fixed Deposit facility, MSME borrowers would be able to build a longterm wealth creating asset.

Commenting on the launch, 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."

Shares of the company declined Rs 4.95, or 4.72%, to settle  at  Rs 100.  The total volume of shares traded  was  110,949 at  the BSE (Thursday).  



 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
IRB Infra gets DGCA License to operate Sindhudurg Airport - 20-Sep-2021 17:19
HLE Glascoat to acquire global business of Thaletec GmbH - 20-Sep-2021 17:00
Welspun Corp wins multiple orders worth Rs 14 bn - 20-Sep-2021 13:51
Adani Ports gets nod to raise Rs 10 bn via NCDs - 20-Sep-2021 13:35
Bliss GVS Pharma purchases immovable property from JMFARC - 20-Sep-2021 13:03
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer