CSC partners with Patanjali and PNB for credit card targeting low-income groups

Common Services Centres (CSC), under the Ministry of Electronics & IT, has partnered with Patanjali and Punjab National Bank (PNB) to market a unique credit card offering for low-income groups across the country.

Two variants of the Patanjali PNB Rupay Credit Card -- Platinum and Select -- would be available to individuals with a monthly income as low as Rs 20,000 or self-employed with an ITR of Rs 2.50 lakh. The Platinum card has a limit of Rs 25,000 to Rs 5 lakh, while the Select card has a limit of Rs 50,000 to Rs 10 lakh.

A unique feature of this indigenous Rupay credit card is the low rate of interest on EMI conversion and that too after 30-45 days of card usage. Usually, credit card companies charge a heavy interest for outstanding payments, which is approximately 36 per cent. Here it is only 12 per cent.

Apart from these benefits, users of this card can also avail discounts on Patanjali medicines and wellness products at 5 per cent. Insurance coverage of Rs 2 lakh and Rs 10 lakh is available on both cards. Moreover, there is no joining fee for the Platinum card while Rs 500 is charged for the Select card.

“People from low-income groups generally face the problem of inadequate finance, especially during personal emergencies where there is a requirement of instant cash. Considering this, CSC is partnering with Patanjali in making this unique card available, particularly in rural areas, making credit available to citizens who otherwise do not qualify for regular credit cards,” Sanjay Rakesh, MD & CEO, CSC Special Purpose Vehicle (SPV) said.

The Patanjali PNB Rupay Credit Card, available through the last mile network of CSC, will ensure the availability of credit to low-income families and in rural areas and thus foster the Government’s mandate of financial inclusion. Talks are also on with Patanjali and PNB for the deposit of payments of credit card holders at CSCs.