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Axis Bank partners with RBI Innovation Hub to launch Kisan Credit cards and MSME loans

Axis Bank partners with RBI Innovation Hub to launch Kisan Credit cards and MSME loans

India Blooms News Service | @indiablooms | 18 Aug 2023, 10:06 pm

Kolkata: Axis Bank on Thursday announced the launch of two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.

The RBI had earlier in the week announced the launch of the PTPFC, according to a media statement here.

Axis Bank will offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers, powered by the platform.

Both products will be offered in a completely digital manner and require no submission of documents by customers.

As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for up to Rs. 1.6 lakh to start with.

MSME loans will be available across the country and will offer loans up to Rs 10 lakhs to customers.

As part of the pilot, Axis Bank will leverage the PTPFC for accessing data for customers in a fully consented and secure manner.

These include PAN validation, Aadhaar eKYC, Account Aggregator data, verification of land records and penny drop service to validate bank accounts.

Given that the data will come directly from authenticated sources, the bank expects to be able to offer faster and better credit services to customers.

Based on the learnings from this pilot, the Bank will expand the scale of existing products and launch new products on the platform in a calibrated manner.

The products will be available in both self-serve and assisted mode, to enable maximum reach and support to customers through the journey.

Commenting on the announcement, Axis Bank Deputy Managing Director Rajiv Anand said, “This platform will bring immense efficiency in the lending process in terms of reduction of costs, quicker disbursement, and scalability.”

Speaking on the launch, President & Head of Digital Banking and Transformation Sameer Shetty said, “PTPFC will enable us to access a variety of data required for underwriting directly from authenticated sources in a fully customer consented and secure manner. This initiative by the RBI and RBIH will bring down costs of lending to the currently credit deprived segments while maintaining good credit quality.”

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