SBI Card launches 'SimplySave Merchant SBI Card' for MSMEs

Tags: Economy/Finance

SBI Cards and Payment Services Limited (SBI Card), India's largest standalone credit card company, launched 'SimplySave Merchant SBI Card', an exclusive credit card tailored for Micro, Small and Medium Enterprises (MSMEs).

An Overview of the News

• The card, aimed at MSME merchants, was launched by State Bank of India (SBI) Chairman Dinesh Khara during the Global Fintech Fest held in Mumbai, Maharashtra.

• The primary objective of 'SimplySave Merchant SBI Card' is to address the need for convenient and quick access to formal credit options for MSMEs.

• This credit card operates within the RuPay network and can also be integrated with the Unified Payments Interface (UPI), thereby facilitating payments through various UPI-enabled third-party applications.

• SBI Cards and Payment Services Limited, a subsidiary of State Bank of India (SBI), was earlier known as SBI Cards and Payment Services Private Limited (SBICPSL).

About State Bank of India

• Established in 1806 as the Bank of Calcutta, it was later renamed the Imperial Bank of India.

• Nationalized by the Government of India in 1955, it became the State Bank of India.

• Provides personal banking, corporate banking, agricultural banking and international banking services.

• Personal banking services include savings and current accounts, loans, credit cards and investment products.

• SBI promotes digital banking with initiatives like YONO and SBI Quick.

• Received awards such as Best Bank Award by Euromoney Magazine and Best Retail BankAward in India by Asian Banker.

• The headquarters is located in Mumbai, Maharashtra.