Axis Bank and Mastercard collaborate to launch credit card for small business owners.

Axis Bank and Mastercard have collaborated to launch MyBiz, a business credit card designed specifically for sole proprietors and small business owners in India. The card, part of the World Mastercard category, offers a range of business and travel benefits to meet the diverse needs of SME owners. In other news, the share of new-to-credit consumers in originations dropped to 12% in the June quarter, the lowest ever recorded by TransUnion CIBIL. This decline indicates an opportunity for lenders to increase access to credit for these customers and reduce concentration risk in their portfolios. Additionally, the private sector has contributed to the growth of NPS assets, recording a 39.62% jump to ₹2.52 lakh crore. [Extracted from the article]