Patanjali, PNB Launch Co-Branded Credit Cards Powered By RuPay

The co-branded cards offer triple benefits, including a discount of 5 to 10 percent on purchase and insurance cover up to Rs five lakh besides other convenience.

Patanjali Ayurved Limited and Punjab National Bank launch co-branded credit cards.

New Delhi: Patanjali Ayurved Limited (PAL) and Punjab National Bank (PNB) on Wednesday launched co-branded credit cards in partnership with the National Payments Corporation of India (NPCI).

The co-branded credit cards are offered on NPCI’s RuPay Platform.

The co-branded cards offer triple benefits, including a discount of 5 to 10 percent on purchase and insurance cover up to Rs five lakh besides other convenience.

Acharya Balkrishna, Managing Director of Patanjali Ayurved Limited, speaking on the occasion said this initiative is in tune with Prime Minister Narendra Modi’s call for ‘Atmanirbhar Bharat’ or self-reliant India.

He also lauded the swadeshi call of yoga guru Baba Ramdev, who was also present on the occasion.

Balkrishna said this credit card will also be of immense help to the people with low-income salaries.

He, however, added that they can avail the benefits of this credit card till 49 days but will have to make the payment the next day.

Balkrishna further said the people will not only be able to purchase day-to-day Patanjali products with this credit card but the products of other brands as well.

He urged all to unite with Patanjali courtesy this credit card.

Ramdev on his part said this card will boost the call for ‘Atmanirbhar Bharat’.

He said the target is to ensure one crore people avail the benefits of this credit card.

Asserting that he has several followers on social media, Ramdev said that he would try to capture at least one crore of his five crore followers and draw their attention to this credit card.

“I will connect those attending my yoga sessions and those visiting the Patanjali mega stores,” he added.

Ramdev further said this credit card has a limit of Rs 10 lakh, adding the people can avail the benefits as per their income.

Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI, said around 70 to 80 percent of the debit cards are currently operated through Rupay.

He, however, added the figure is just around seven crores regarding the credit cards.

Bansal said the foreign companies were earlier skeptical about providing the cards facility to the people via these banks, adding this has been changed over the last 10 years. 

He further said the low income group people and small traders were earlier unable to avail the benefits of credit cards, adding they will now be able to avail the benefits with this co-branded contactless credit card.

The CMD and CEO of PNB, Aditya Nath Das, while speaking on the occasion hailed the initiative of the bank along with Patanjali Ayurved Limited and the National Payments Corporation of India which supports the idea of ‘swadeshi’.

He added that they would aim to reach out to maximum people via these credit cards.