novio and IOB Launch Co-Branded RuPay Credit Card
Why in the news
A fintech brand and a public sector bank rolled out a new credit card aimed at first-time borrowers.
Key facts
- Partners: novio (operated by Credilio Financial Technologies) and Indian Overseas Bank (IOB).
- Network: RuPay; variants Select and Platinum.
- Security: an FD-backed credit facility.
- Payments: can be connected with UPI for credit-based payments.
Who benefits
People with limited or no formal credit history can get access to credit and gradually build a credit profile through the fixed-deposit-backed facility.
Exam angle
- Bank partner: Indian Overseas Bank.
- Card network: RuPay.
- Variants: Select and Platinum.
- Feature: UPI linkage with FD-backed credit.