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U GRO Capital Partnered with SBM Bank India

Published on April 11, 2021
Current Context: Fintech firm U Gro Capital collaborated with SBM Bank India.
U GRO Capital Partnered with SBM Bank India
  • They have collaborated to launch credit cards for small businesses and MSMEs in India.
  • The credit card is powered by Rupay and EnKash.
  • This partnership will help to empower MSME business owners by granting financial assistance to solve their financial challenges. Through the credit card, they will be able to meet their immediate expenses like purchases of equipment and supplies, manage vendor payments, make business utility bill payments, managing reimbursements for travel and entertainment expenses of employees.
  • The card can be availed by U GRO Capital borrowers against having a fixed deposit holding with SBM Bank India.
  • The GRO Smart Business credit card is based on the Tap-To-Pay feature which will allow the user to withdraw cash from ATM in a contactless manner.
  • It is based on the feature of zero joining and annual fees and finance charges of 1.99% per month.
  • The card is having a limit of 90% of the FD amount.
  • Also with the help of a Fixed Deposit facility, MSME borrowers would be able to build a long-term wealth-creating asset.
  • The Fixed deposit amount is in the range of Rs 10,000 to Rs 10 lakhs and has a tenure of 1 to 5 years. The rate of interest is 7.5% on it.
  • Static Part: 
    • HQ of U GRO Capital and SBM Bank India: Mumbai

Question: 

Q.1 Recently with whom U Gro Capital fintech firm partnered to launch credit cards for small businesses and MSMEs in India?
a. UCO Bank
b. Yes Bank
c. Federal Bank
d. SBM Bank India
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